Tax Lien Lawyers in Mount Kisco
A "lien" in Mount Kisco, New York 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, then, is simply a lien that is established for the particular purpose of collecting taxes from a delinquent tax payer in Mount Kisco, New York.
Tax Liens in Mount Kisco, New York are generally only effective if the taxpayer has a significant amount of property on which a lien can be placed. However, it's crucial to note that practically any property, including that which is acquired after the lien is imposed, can be subject to a tax lien.
Tax Lien Procedure in Mount Kisco, New York
In Mount Kisco, New York, the process for creating a tax lien is fairly uncomplicated. First, the tax authorities decide that a taxpayer actually owes taxes that they haven't paid (that they're delinquent in their taxes).
At this point, they will send the taxpayer a written notice stating that they owe a certain amount of money in back taxes, and that they have a small window of time (often 10 days or less) to pay it.
If the deadline passes without payment, most tax liens in New York take effect automatically, giving the tax collectors all of the options in your property that any other lien holder would have.
But, under federal law, there are limits to how tax liens can be enforced in Mount Kisco, New York, and elsewhere. Generally, 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 Mount Kisco, New York Tax Lien Lawyer Help?
If the federal government, or the government of New York informs you that they intend to place a tax lien on your property, you will likely face some pretty perplexing and daunting legal issues.
Therefore, it's important that you hire a tax attorney in Mount Kisco, New York to ensure that whatever legal rights you have in this situation are defended. Your attorney will also be able to advise you on how to best deal with the situation.