IRS Seizures

An IRS threat to seize should not be taken lightly. Unlike the levy, which involves intangible assets such as your bank account, a seizure is the taking of physical assets, such as your home or car. Seizures usually happen in aggravated cases when someone ignores many requests by the IRS over a long period of time to pay their outstanding taxes. Seized assets are often sold at auction at a fraction of their value.