The IRS sends a Notice of Intent to Levy when they are intending to take your assets imminently. A levy is the IRS legally taking your property for the collection of tax. This notice informs you that the IRS plans to seize your assets, and if you do not respond within the deadline, they will take your assets. For example, the IRS can take your income by filing a notice with your employer, they can take your bank accounts, and seize any property that you own.