Tax Lien Lawyers in New Richmond
A "lien" in New Richmond, 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 New Richmond, Wisconsin tax authorities, to collect taxes that the property-owner has failed to pay.
Tax Liens in New Richmond, 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 essentially any property, including that which is acquired after the lien is imposed, can be subject to a tax lien.
Tax Lien Procedure in New Richmond, Wisconsin
Imposing a tax lien in New Richmond, 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 the back taxes are not paid before the deadline is up, the lien will usually take effect immediately, with no further action by the IRS or Wisconsin tax agency, giving them all the rights in your property that the law allows.
But, these rights are limited. In New Richmond, 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." Furthermore, it acknowledges the fact that any encumbrance on a piece of property, such as a lien, makes the property less valuable. By ensuring that the lien will either be satisfied or expire within 10 years, this prevents property from being withheld from the stream of commerce indefinitely.
How Can a New Richmond, Wisconsin Tax Lien Lawyer Help?
If you end up having a tax lien imposed on your property in Wisconsin, you will probably have to deal with some fairly difficult legal issues, which might be complex to a layperson.
So, it should go without saying that if you are facing the prospect of your home or vehicle being slapped with a tax lien, you need to seek the advice of a good tax lawyer in New Richmond, Wisconsin as soon as you can.