The short answer
Yes. The IRS can seize and sell property you hold, like a car, boat or house, if you don't pay or make arrangements. Before that, the IRS must assess the tax, bill you, and send a notice of intent to levy at least 30 days ahead.
Setting up a plan generally stops levies while it is in effect.
Words to know
- Notice of intent to levy
- An IRS notice that it plans to take your property. CP504 is one. LT11 and Letter 1058 give hearing rights.