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.
A seizure should not be taken lightly. The IRS will ultimately pursue seizure of your physical assets. Don't think they won't. Many newspaper and television reporters have done stories on citizens being forced out of their homes after it was sold at an IRS auction, often for as little as half its value.
When the IRS seizes your assets, it wants money fast so the assets are sold at auction, often for a fraction of their value. They can seize anything you own, including your home, cars, boats, jewelry, motorcycles, insurance polices, and even your retirement funds.