Tax Lien Lawyers in Jackson
A "lien" in Jackson, 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 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 Jackson, Wyoming tax authorities, to gather taxes that the property-owner has failed to pay.
Of course, a tax lien in Jackson, 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. Nonetheless, 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 Jackson, Wyoming
The process of imposing a tax lien on property in Jackson, Wyoming is typically fairly simple. The initial step is for the IRS or local tax agency to decide 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 that time period expires, and the debtor still hasn't paid, the Wyoming tax lien will go into effect automatically, with no additional action required.
Nonetheless, if the federal government does not seek to enforce a tax lien in Jackson, 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 guarantee that property is not encumbered by a lien forever.
How Can a Jackson, Wyoming Tax Lien Lawyer Help?
If you find yourself on the receiving end of a tax lien in Wyoming, you are going to have to wade through some substantial and complicated legal concerns.
Therefore, it's important that you contact a tax attorney in Jackson, Wyoming to ensure that whatever legal rights you have in this situation are defended. Your attorney will also be able to advise you on how to best deal with the situation.