Tax Lien Lawyers in Ripon

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

Tax Liens in Ripon, Wisconsin are typically only effective if the taxpayer has a significant amount of property on which a lien can be placed. However, it's crucial to note that essentially any property, including that which is acquired after the lien is imposed, can be subject to a tax lien.

Tax Lien Procedure in Ripon, Wisconsin

The actual process of setting up a Ripon, Wisconsin tax lien is normally pretty simple. The agency responsible for collecting taxes must first determine that a tax lien is warranted, normally by finding that the debtor owes a significant amount of back taxes.

At this point, the taxpayer will receive a letter containing a "notice and demand," which, as the name suggests, gives notice that the recipient owes taxes, and demands immediate payment. It will normally give the taxpayer about 10 days to pay the demanded amount.

If the deadline passes without payment, most tax liens in Wisconsin take effect automatically, giving the tax collectors all of the rights in your property that any other lien holder would have.

But, under federal law, there are limits to how tax liens can be enforced in Ripon, Wisconsin, 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 Ripon, 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 complex to a layperson.

Accordingly, if you think that any piece of property you own might become subject to a tax lien in Ripon, Wisconsin, you should not hesitate to seek the advice of a qualified tax attorney immediately.