Tax Lien Lawyers in Allouez

A "lien" in Allouez, Wisconsin is a type of security interest that one person or entity has in someone else's property. Normally, a lien is created by a court, to secure payment of a debt. A lien gives its holder many rights in the property that is subject to it, including the right to seize the proceeds if the property is sold, and priority access to the property, in front of other creditors.

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

Of course, a tax lien in Allouez, Wisconsin isn't worth much more than the paper it's printed on if the debtor doesn't own any property of value, on which a lien could be placed. However, a tax lien applies to property that the taxpayer obtains even after the lien is created. Apparently, this makes it quite a bit easier for the government to collect its taxes.

Tax Lien Procedure in Allouez, Wisconsin

The actual process of setting up an Allouez, Wisconsin tax lien is typically pretty simple. The agency responsible for collecting taxes must first determine that a tax lien is warranted, typically by finding that the debtor owes a significant amount of back taxes.

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 given period of time (typically 10 days) to pay what they owe.

If the back taxes are not paid before the deadline is up, the lien will typically take effect immediately, with no further action by the IRS or Wisconsin tax agency, giving them all the rights in your property that the law permits.

However, in Allouez, Wisconsin, 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 substantial 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 Allouez, Wisconsin Tax Lien Lawyer Help?

If you are notified by the government that you owe back taxes in Wisconsin, and that they are going to pursue a tax lien to collect their money, things can get very intricate, quite quickly.

Luckily, Allouez, Wisconsin tax attorneys can help. If you are facing the prospect of a tax lien, you should not hesitate to seek skilled legal advice, to ensure that your legal rights are protected.