Tax Lien Lawyers in Franklin
A "lien" in Franklin, Wisconsin is a type of security interest that one person or entity has in someone else's property. Typically, 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 Franklin, Wisconsin tax authorities, to collect taxes that the property-owner has failed to pay.
Tax Liens in Franklin, Wisconsin are generally only effective if the taxpayer has a significant amount of property on which a lien can be placed. However, it's necessary to note that practically any property, including that which is acquired after the lien is imposed, can be subject to a tax lien.
Tax Lien Procedure in Franklin, Wisconsin
The process of imposing a tax lien on property in Franklin, Wisconsin is usually fairly simple. The initial step is for the IRS or local tax agency to decide that a person actually 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 certain amount of money in back taxes, and that they have a small window of time (often 10 days or less) to pay it.
If this deadline expires, and the debtor does not pay the taxes they owe, the lien will take effect automatically. When this occurs, the IRS or Wisconsin tax agency will have significant rights against the taxpayer's property.
Nonetheless, if the federal government does not seek to enforce a tax lien in Franklin, Wisconsin 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 Franklin, Wisconsin Tax Lien Lawyer Help?
If you find yourself on the receiving end of a tax lien in Wisconsin, you are going to have to wade through some substantial and perplexing legal issues.
Fortunately, Franklin, Wisconsin tax attorneys can help. If you are facing the prospect of a tax lien, you should not hesitate to seek competent legal advice, to ensure that your legal rights are protected.