Tax Lien Lawyers in Lander
A "lien" in Lander, Wyoming 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 Lander, Wyoming tax authorities, to compile taxes that the property-owner has failed to pay.
Of course, a tax lien in Lander, 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. Evidently, this makes it quite a bit easier for the government to collect its taxes.
Tax Lien Procedure in Lander, Wyoming
The process of imposing a tax lien on property in Lander, Wyoming is normally fairly simple. The first step is for the IRS or local tax agency to determine that a person really owes back taxes, and that it is worth the effort to impose a lien.
At this point, they will send the taxpayer a written notice stating that they owe a some amount of money in back taxes, and that they have a small window of time (commonly 10 days or less) to pay it.
If this 10-day period expires without payment, the tax lien arises automatically. Once this happens, the tax authorities in Wyoming have all the rights in the taxpayer's property that any other lien holder would have, including priority over competing creditors.
But, under federal law, there are limits to how tax liens can be enforced in Lander, Wyoming, and elsewhere. Typically, the IRS has 10 years to try and enforce a tax lien. If no effort is made to enforce a tax lien for 10 years, the lien is automatically lifted, and the lien holder loses all rights in it. This rule exists to ensure that the government collects its taxes in a reasonable time period, and it prevents valuable property (which could otherwise be contributing to the economy by being bought and sold) is not laded with a lien for an indefinite period of time.
How Can a Lander, Wyoming Tax Lien Lawyer Help?
If the federal government, or the government of Wyoming informs you that they intend to place a tax lien on your property, you will likely face some pretty convoluted and daunting legal issues.
Fortunately for you, tax lawyers in Lander, 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.