Tax Lien Lawyers in Nesconset

A "lien" in Nesconset, 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 Nesconset, New York.

Tax Liens in Nesconset, 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 essential 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 Nesconset, New York

The process of imposing a tax lien on property in Nesconset, New York is usually fairly simple. The initial step is for the IRS or local tax agency to decide that a person actually owes back taxes, and that it is worth the effort to impose a lien.

They will then mail a document called a "notice and demand," which lets the taxpayer know that they owe money on their taxes, and that they have a certain period of time (usually 10 days) to pay what they owe.

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

But, these rights are limited. In Nesconset, New York, and everywhere else in the United States, the IRS has 10 years to enforce a tax lien. If they do nothing about it within 10 years, the lien expires. This rule exists for a few reasons. First, it encourages the IRS to act as quickly and efficiently as possible, and not "sit on its rights." Additionally, it acknowledges the fact that any encumbrance on a piece of property, such as a lien, makes the property less valuable. By guaranteeing that the lien will either be satisfied or expire within 10 years, this prevents property from being withheld from the stream of commerce forever.

How Can a Nesconset, 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.

So, it should go without saying that if you are facing the prospect of your home or vehicle being slapped with a tax lien, you need to seek the advice of a reputable tax lawyer in Nesconset, New York as soon as you can.