If you fail to settle your tax debt after the IRS has filed a Notice of Federal Tax Lien the IRS may proceed with liquidating your assets. The IRS may seize both personal and business property.
The following are some of the assets that may be seized by the IRS:
It is very time consuming and expensive for the IRS to seize a taxpayer's assets. Asset seizure is usually only used as a last resort when a taxpayer fails to respond to collection notices.