Tax Lien Lawyers in Gillette
A "lien" in Gillette, Wyoming 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 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 Gillette, Wyoming tax authorities, to gather taxes that the property-owner has failed to pay.
Of course, a tax lien in Gillette, Wyoming isn't worth much more than the paper it's printed on if the debtor doesn't own any property of value, on which a lien could be placed. However, a tax lien applies to property that the taxpayer obtains even after the lien is created. Apparently, this makes it quite a bit easier for the government to collect its taxes.
Tax Lien Procedure in Gillette, Wyoming
The process of imposing a tax lien on property in Gillette, Wyoming is typically fairly simple. The first step is for the IRS or local tax agency to determine that a person truly owes back taxes, and that it is worth the effort to impose a lien.
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 deadline passes without payment, most tax liens in Wyoming take effect automatically, giving the tax collectors all of the rights in your property that any other lien holder would have.
However, if the federal government does not seek to enforce a tax lien in Gillette, Wyoming 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 Gillette, Wyoming Tax Lien Lawyer Help?
If you end up having a tax lien imposed on your property in Wyoming, you will probably have to deal with some fairly challenging legal issues, which might be confusing to a layperson.
Thankfully for you, tax lawyers in Gillette, Wyoming are experts at dealing with matters such as these, and can make sure your rights are protected, and advise you on the best way to proceed, if you are facing the prospect of a tax lien.