Tax Lien Lawyers in South Milwaukee

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

Tax Liens in South Milwaukee, 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 basically any property, including that which is acquired after the lien is imposed, can be subject to a tax lien.

Tax Lien Procedure in South Milwaukee, Wisconsin

The actual process of setting up a South Milwaukee, Wisconsin tax lien is typically pretty simple. The agency responsible for collecting taxes must first decide 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 decided 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 the back taxes are not paid before the deadline is up, the lien will typically 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 permits.

Nonetheless, if the federal government does not seek to enforce a tax lien in South 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 guarantee that property is not encumbered by a lien forever.

How Can a South Milwaukee, Wisconsin Tax Lien Lawyer Help?

If you are notified by the government that you owe back taxes in Wisconsin, and that they are going to pursue a tax lien to collect their money, things can get very confusing, quite quickly.

Thankfully for you, tax lawyers in South Milwaukee, Wisconsin are experts at dealing with matters such as these, and can make sure your rights are safeguarded, and advise you on the best way to proceed, if you are facing the prospect of a tax lien.