Tax Lien Lawyers in Lancaster

A "lien" in Lancaster, 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 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 Lancaster, Wisconsin tax authorities, to gather taxes that the property-owner has failed to pay.

Tax Liens in Lancaster, Wisconsin are usually 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 Lancaster, Wisconsin

Imposing a tax lien in Lancaster, Wisconsin is normally an uncomplicated process. Usually, the tax authorities simply have to make a decision 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 quick payment. It will typically give the taxpayer about 10 days to pay the demanded amount.

If this deadline expires, and the debtor does not pay the taxes they owe, the lien will take effect automatically. When this results, the IRS or Wisconsin tax agency will have substantial rights against the taxpayer's property.

Nonetheless, if the federal government does not seek to enforce a tax lien in Lancaster, Wisconsin within 10 years of imposing it, federal law dictates that the lien automatically expires. This is effectively a statute of limitations on a tax lien, meant to encourage the federal government to collect its taxes in a reasonable period of time, and guarantee that property is not encumbered by a lien forever.

How Can a Lancaster, 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 confusing and daunting legal issues.

Thankfully for you, tax lawyers in Lancaster, 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.