Tax Lien Lawyers in Ashland

A "lien" in Ashland, Wisconsin is a type of security interest that one person or entity has in someone else's property. Usually, 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 funds 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 acquire the payment of back taxes. A tax lien in Ashland, 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 Ashland, 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. Nonetheless, a tax lien applies to property that the taxpayer obtains even after the lien is created. Evidently, this makes it quite a bit easier for the government to collect its taxes.

Tax Lien Procedure in Ashland, Wisconsin

The actual process of setting up an Ashland, Wisconsin tax lien is normally pretty simple. The agency responsible for collecting taxes must first decide that a tax lien is warranted, normally 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 specific period of time (normally 10 days) to pay what they owe.

If the deadline passes without payment, most tax liens in Wisconsin take effect automatically, giving the tax collectors all of the options in your property that any other lien holder would have.

Nonetheless, in Ashland, 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 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 certain period of time.

How Can a Ashland, Wisconsin Tax Lien Lawyer Help?

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

Fortunately for you, tax lawyers in Ashland, Wisconsin 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.