Tax Lien Lawyers in Weston

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

However, a tax lien in Weston, 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 Weston, Wisconsin

In Weston, 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.

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 (normally 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 happens, the IRS or Wisconsin tax agency will have considerable rights against the taxpayer's property.

However, if the federal government does not seek to enforce a tax lien in Weston, 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 Weston, 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 hard legal issues, which might be confusing to a layperson.

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