The IRS can levy property (or rights to property) you own, like your car, house, or boat. If the IRS seizes assets, they sell them at fair market value and apply the net proceeds to your tax debt. You would get any money left over as a refund. The IRS can't seize this type of property unless they expect sufficient net proceeds to pay your tax obligation. There are also limits on seizing a primary residence and certain business assets. Property seizures are usually for serious situations like tax fraud.The IRS can also levy property that is yours but is held by others, including wages, commissions, bank accounts, retirement accounts, dividends, rental income, accounts and promissory notes receivable, and the cash surrender value of your life insurance policy. The holder of the assets may be obligated to send the money in your accounts to the IRS and you will not be able to access them until your taxes are paid.Wage garnishment is a common type of tax levy, where employers must send a specified percentage of each paycheck to the IRS. Banks may put a hold on available funds. Retirement accounts that can be seized include IRAs, qualified pension, profit-sharing, and stock bonus plans under ERISA, self-employed retirement plans like SEP and Keogh plans, and thrift savings plans. The IRS can also apply any future federal or state tax refunds to past taxes you owe.The IRS can't seize the following payments: unemployment, worker's compensation, child support, certain public assistance and disability payments, and certain annuities and pension benefits.