Tax Lien Lawyers in Medford
A "lien" in Medford, 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.
As you might have gathered, a "tax lien" is simply a lien placed on property by the IRS or Medford, Wisconsin tax authorities, to compile taxes that the property-owner has failed to pay.
Tax Liens in Medford, Wisconsin are typically 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 practically any property, including that which is acquired after the lien is imposed, can be subject to a tax lien.
Tax Lien Procedure in Medford, Wisconsin
Imposing a tax lien in Medford, Wisconsin is usually an uncomplicated process. Typically, 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, they will send the taxpayer a written notice stating that they owe a some amount of money in back taxes, and that they have a small window of time (commonly 10 days or less) to pay it.
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.
But, under federal law, there are limits to how tax liens can be enforced in Medford, Wisconsin, and elsewhere. Typically, the IRS has 10 years to try and enforce a tax lien. If no effort is made to enforce a tax lien for 10 years, the lien is automatically lifted, and the lien holder loses all rights in it. This rule exists to ensure that the government collects its taxes in a reasonable time period, and it prevents valuable property (which could otherwise be contributing to the economy by being bought and sold) is not laded with a lien for an indefinite period of time.
How Can a Medford, 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.
Therefore, it's important that you retain a tax attorney in Medford, Wisconsin to ensure that whatever legal rights you have in this situation are defended. Your attorney will also be able to advise you on how to best deal with the situation.