Tax Lien Lawyers in Milwaukee
A "lien" in Milwaukee, 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 Milwaukee, Wisconsin tax authorities, to collect taxes that the property-owner has failed to pay.
Tax Liens in Milwaukee, 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 essentially any property, including that which is acquired after the lien is imposed, can be subject to a tax lien.
Tax Lien Procedure in Milwaukee, Wisconsin
Imposing a tax lien in Milwaukee, 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, they will send the taxpayer a written notice stating that they owe a certain amount of money in back taxes, and that they have a small window of time (often 10 days or less) to pay it.
If this deadline expires, and the debtor does not pay the taxes they owe, the lien will take effect automatically. When this occurs, the IRS or Wisconsin tax agency will have significant rights against the taxpayer's property.
However, if the federal government does not seek to enforce a tax lien in Milwaukee, 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 ensure that property is not encumbered by a lien forever.
How Can a Milwaukee, 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 Milwaukee, 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.