Tax Lien Lawyers in Slinger

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

Tax Liens in Slinger, Wisconsin are usually only effective if the taxpayer has a significant amount of property on which a lien can be placed. However, it's crucial to note that virtually any property, including that which is acquired after the lien is imposed, can be subject to a tax lien.

Tax Lien Procedure in Slinger, Wisconsin

The actual process of setting up a Slinger, Wisconsin tax lien is typically pretty simple. The agency responsible for collecting taxes must first determine that a tax lien is warranted, typically by finding that the debtor owes a significant amount of back taxes.

Then, the taxpayer is sent a letter with a "notice and demand," which informs the taxpayer that the IRS has determined that they owe back taxes, and that they have a short period of time (typically 10 days) to pay them without incurring a penalty.

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.

However, in Slinger, Wisconsin, and anywhere else in America, a tax lien only lasts for 10 years, and then it automatically expires. If the IRS fails to exercise the substantial rights that it has under a tax lien within that period of time, it is assumed that they never intend to do so, and the lien will cease to exist. This ensures that valuable property is only kept out of the economy for a narrow period of time.

How Can a Slinger, Wisconsin Tax Lien Lawyer Help?

If you receive notice from the federal government, or the government of Wisconsin that a tax lien has been imposed on your property, some pretty intricate legal issues are necessarily involved.

Luckily, Slinger, Wisconsin tax attorneys can help. If you are facing the prospect of a tax lien, you should not hesitate to seek skilled legal advice, to ensure that your legal rights are protected.