Tax Lien Lawyers in Sheridan

A "lien" in Sheridan, 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 Sheridan, Wyoming tax authorities, to gather taxes that the property-owner has failed to pay.

Of course, a tax lien in Sheridan, 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 Sheridan, Wyoming

The process of imposing a tax lien on property in Sheridan, 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.

At this point, they will send the taxpayer a written notice stating that they owe a particular amount of money in back taxes, and that they have a small window of time (frequently 10 days or less) to pay it.

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 Sheridan, 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 Sheridan, 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.

Luckily, Sheridan, Wyoming tax attorneys can help. If you are facing the prospect of a tax lien, you should not hesitate to seek skilled legal advice, to ensure that your legal rights are protected.