Tax Lien Lawyers in Mexico

A "lien" in Mexico, Missouri is a property right that a person or entity has in property owned by someone else, created by law, for the purpose of enforcing a debt. A lien gives its holder various rights in the property of another person, including the right to seize the proceeds of a sale of the property, and, if the debtor files for bankruptcy, the right to go to the front of the line among other creditors, making it more possible that the lien holder will collect something.

A "tax lien" is simply a lien placed on a piece of property by the state or local government, to acquire the payment of back taxes. A tax lien in Mexico, Missouri can arise to secure the payment of any federal or state tax, including income tax, estate tax, or gift tax.

Tax liens in Mexico, Missouri are ineffective if the taxpayer doesn't have any property to place the lien on. However, practically any property, including that which the taxpayer acquires after the lien goes into effect, can be affected by a tax lien.

Tax Lien Procedure in Mexico, Missouri

Imposing a tax lien in Mexico, Missouri is normally an uncomplicated process. Usually, the tax authorities simply have to make a decision that the taxpayer is delinquent in their taxes, and that imposing and enforcing a tax lien will actually be worth the effort.

At this point, they will send the taxpayer a written notice stating that they owe a particular amount of money in back taxes, and that they have a small window of time (frequently 10 days or less) to pay it.

If this 10-day period expires without payment, the tax lien arises automatically. Once this happens, the tax authorities in Missouri have all the options in the taxpayer's property that any other lien holder would have, containing priority over competing creditors.

But, under federal law, there are limits to how tax liens can be enforced in Mexico, Missouri, and elsewhere. Usually, the IRS has 10 years to try and enforce a tax lien. If no effort is made to enforce a tax lien for 10 years, the lien is automatically lifted, and the lien holder loses all rights in it. This rule exists to ensure that the government collects its taxes in a reasonable time period, and it prevents valuable property (which could otherwise be contributing to the economy by being bought and sold) is not laded with a lien for an indefinite period of time.

How Can a Mexico, Missouri Tax Lien Lawyer Help?

If the federal government, or the government of Missouri informs you that they intend to place a tax lien on your property, you will likely face some pretty confusing and daunting legal issues.

Therefore, if you think that any piece of property you own might become subject to a tax lien in Mexico, Missouri, you should not delay to seek the advice of a skilled tax attorney immediately.