Tax Lien Lawyers in Kingston
A "lien" in Kingston, New Hampshire 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.
As you might have gathered, a "tax lien" is simply a lien placed on property by the IRS or Kingston, New Hampshire tax authorities, to gather taxes that the property-owner has failed to pay.
However, like any other debt-collection method, a tax lien is worthless if the debtor has no substantial property on which a lien can be imposed. To get around this limitation, most tax liens in Kingston, New Hampshire apply to after-acquired property (property acquired after the lien was created). Most other liens only apply to particular pieces of property, or property that the debtor owned at the time the lien went into effect.
Tax Lien Procedure in Kingston, New Hampshire
The process of imposing a tax lien on property in Kingston, New Hampshire is typically fairly simple. The initial step is for the IRS or local tax agency to decide that a person truly owes back taxes, and that it is worth the effort to impose a lien.
Then, the taxpayer is sent a letter with a "notice and demand," which informs the taxpayer that the IRS has decided that they owe back taxes, and that they have a short period of time (typically 10 days) to pay them without incurring a penalty.
If this deadline expires, and the debtor does not pay the taxes they owe, the lien will take effect automatically. When this results, the IRS or New Hampshire tax agency will have substantial rights against the taxpayer's property.
Nonetheless, in Kingston, New Hampshire, and anywhere else in America, a tax lien only lasts for 10 years, and then it automatically expires. If the IRS fails to exercise the considerable rights that it has under a tax lien within that period of time, it is assumed that they never intend to do so, and the lien will cease to exist. This ensures that valuable property is only kept out of the economy for a narrow period of time.
How Can a Kingston, New Hampshire Tax Lien Lawyer Help?
If you receive notice from the federal government, or the government of New Hampshire that a tax lien has been imposed on your property, some pretty intricate legal issues are necessarily involved.
Thankfully for you, tax lawyers in Kingston, New Hampshire are experts at dealing with matters such as these, and can make sure your rights are safeguarded, and advise you on the best way to proceed, if you are facing the prospect of a tax lien.