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.
A seizure should not be taken lightly. When the IRS seizes your assets they want to quickly sell them at auction. They often get less than half your assets value, so they often seize everything you own including your home, cars, boats, jewelry, motorcycles, insurance policies, and even your retirement funds.
What you should do
If you have received an IRS seizure notice, you should contact our tax specialist as soon as possible to see if the seizure can be stopped and minimize any accruing penalties.