Tax Lien Lawyers in Sturtevant
A "lien" in Sturtevant, Wisconsin is a type of security interest that one person or entity has in someone else's property. Usually, 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 Sturtevant, Wisconsin tax authorities, to compile taxes that the property-owner has failed to pay.
However, a tax lien in Sturtevant, Wisconsin will be ineffective if the debtor doesn't own any valuable property to encumber with a lien. As with any debt, the creditor can't collect if the debtor doesn't have any assets. However, a tax lien can be applied to property that the taxpayer acquires after the lien goes into effect.
Tax Lien Procedure in Sturtevant, Wisconsin
In Sturtevant, Wisconsin, the procedure for imposing a tax lien is relatively simple. First, the IRS makes a determination that a person is delinquent in their tax obligation.
They will then mail a document called a "notice and demand," which lets the taxpayer know that they owe money on their taxes, and that they have a specific period of time (normally 10 days) to pay what they owe.
If the back taxes are not paid before the deadline is up, the lien will normally 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 authorizes.
However, if the federal government does not seek to enforce a tax lien in Sturtevant, 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 Sturtevant, 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 difficult legal contentions.
Accordingly, it's important that you retain a tax attorney in Sturtevant, Wisconsin to ensure that whatever legal rights you have in this situation are protected. Your attorney will also be able to advise you on how to best deal with the situation.