Tax Lien Lawyers in St. Francis

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

Tax Liens in St. Francis, Wisconsin are usually only effective if the taxpayer has a significant amount of property on which a lien can be placed. However, it's important 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 St. Francis, Wisconsin

The actual process of setting up a St. Francis, 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.

But, under federal law, there are limits to how tax liens can be enforced in St. Francis, Wisconsin, and elsewhere. Usually, 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 St. Francis, Wisconsin Tax Lien Lawyer Help?

If you find yourself on the receiving end of a tax lien in Wisconsin, you are going to have to wade through some substantial and complicated legal concerns.

Luckily, St. Francis, 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.