After the IRS puts your balance on the books and sends you a bill outlining your taxes due and you do not fully pay the debt in time, the IRS will file a Notice of Federal Tax Lien. This document will let creditors know that the government has a legal claim to your assets and property. Unlike an IRS tax levy, a lien does not involve immediate asset-seizure or wage garnishment; however, should you neglect to address the lien, the IRS may begin to seize and auction your belongings.