An IRS seizure is the taking of physical assets that usually happens when IRS requests are continuously ignored. Whether you cannot pay or refuse to pay, the IRS can seize wages, money in your bank account, and even your retirement funds.
When the collection process begins, you will receive a written notice from the IRS informing you of their authorization to liquidate your assets. The earnings from the liquidation process are used to cover the tax due.
“If the IRS seizes your house or other property, the IRS will sell your interest in the property and apply the proceeds (after the costs of the sale) to your tax debt.” IRS seizure may be your worst nightmare, but it can be avoided if we get involved soon enough.