Can you manage to live on 50% of your paycheck? Probably not. When the IRS or a State has failed to secure back taxes, they will start to seize assets. If phone calls and letters are not replied, they will take the next step. This method is called a “levy.” The taxing officials are constitutionally entitled to seize bank accounts, demand amount from accounts receivable, take control of the property for sale, and assume title on vehicles. Practically anything of value can be annexed to repay the outstanding debt.