Tax Lien Lawyers in Mayville
A "lien" in Mayville, 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 Mayville, Wisconsin tax authorities, to gather taxes that the property-owner has failed to pay.
Tax Liens in Mayville, 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 basically any property, including that which is acquired after the lien is imposed, can be subject to a tax lien.
Tax Lien Procedure in Mayville, Wisconsin
Imposing a tax lien in Mayville, 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 that time period expires, and the debtor still hasn't paid, the Wisconsin tax lien will go into effect automatically, with no additional action required.
But, these rights are limited. In Mayville, Wisconsin, and everywhere else in the United States, the IRS has 10 years to enforce a tax lien. If they do nothing about it within 10 years, the lien expires. This rule exists for a few reasons. First, it encourages the IRS to act as quickly and efficiently as possible, and not "sit on its rights." Also, it acknowledges the fact that any encumbrance on a piece of property, such as a lien, makes the property less valuable. By guaranteeing that the lien will either be satisfied or expire within 10 years, this prevents property from being withheld from the stream of commerce forever.
How Can a Mayville, 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.
Therefore, if you think that any piece of property you own might become subject to a tax lien in Mayville, Wisconsin, you should not delay to seek the advice of a skilled tax attorney immediately.