Tax Lien Lawyers in Suamico
A "lien" in Suamico, 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 Suamico, Wisconsin tax authorities, to gather taxes that the property-owner has failed to pay.
However, a tax lien in Suamico, 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. Nonetheless, a tax lien can be applied to property that the taxpayer gains after the lien goes into effect.
Tax Lien Procedure in Suamico, Wisconsin
In Suamico, Wisconsin, the procedure for imposing a tax lien is relatively simple. First, the IRS makes a decision that a person is delinquent in their tax requirement.
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 given period of time (typically 10 days) to pay what they owe.
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 Suamico, 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 Suamico, 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 challenging legal issues, which might be intricate to a layperson.
Thankfully for you, tax lawyers in Suamico, 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.