Tax Lien Lawyers in Lake Hallie
A "lien" in Lake Hallie, 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 proceeds 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 Lake Hallie, Wisconsin tax authorities, to collect taxes that the property-owner has failed to pay.
Tax Liens in Lake Hallie, Wisconsin are generally only effective if the taxpayer has a significant amount of property on which a lien can be placed. However, it's necessary to note that virtually any property, including that which is acquired after the lien is imposed, can be subject to a tax lien.
Tax Lien Procedure in Lake Hallie, Wisconsin
Imposing a tax lien in Lake Hallie, Wisconsin is typically an uncomplicated process. Generally, the tax authorities simply have to make a determination that the taxpayer is delinquent in their taxes, and that imposing and enforcing a tax lien will actually be worth the effort.
At this point, the taxpayer will receive a letter containing a "notice and demand," which, as the name suggests, gives notice that the recipient owes taxes, and demands immediate payment. It will usually give the taxpayer about 10 days to pay the demanded amount.
If this 10-day period expires without payment, the tax lien arises automatically. Once this happens, the tax authorities in Wisconsin have all the rights in the taxpayer's property that any other lien holder would have, including priority over competing creditors.
However, in Lake Hallie, 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 limited period of time.
How Can a Lake Hallie, 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 complicated and daunting legal issues.
Luckily for you, tax lawyers in Lake Hallie, Wisconsin are experts at dealing with matters such as these, and can make sure your rights are protected, and advise you on the best way to proceed, if you are facing the prospect of a tax lien.