Tax Lien Lawyers in De Pere

A "lien" in De Pere, Wisconsin is a type of security interest that one person or entity has in someone else's property. Typically, 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.

As you might have gathered, a "tax lien" is simply a lien placed on property by the IRS or De Pere, Wisconsin tax authorities, to collect taxes that the property-owner has failed to pay.

Tax Liens in De Pere, Wisconsin 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 De Pere, Wisconsin

The process of imposing a tax lien on property in De Pere, Wisconsin 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.

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 (usually 10 days) to pay them without incurring a penalty.

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

Nonetheless, in De Pere, 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 limited period of time.

How Can a De Pere, 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 perplexing and daunting legal issues.

Luckily for you, tax lawyers in De Pere, 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.