If you fail to pay your income tax, the IRS can seize your assets. This type of seizure is called a levy. Seizure of assets by the IRS is legal. Assets are real and personal property. Assets may also be any legal or equitable interest. As a result, the IRS can seize real estate. The government agency can also take hold of your vehicles, business equipment and personal property. If they wish, the IRS can also seize such things as your bank accounts, accounts receivable and even Social Security. The IRS cannot execute a seizure of assets without following the proper protocol. This involves informing you first of the overdue or lack of tax payments. If this ignored, the IRS informs you of its intent. You can prevent or delay the seizure of assets by attending an appeal hearing. This is held before an IRS Appeals Officer. He or she is a member of the Appeals Division of the IRS. There are various ways you can prevent the seizure of your accounts. This may include transfer of the ownership of all or some of your assets to another individual or company. Before you attempt such measures, receive legal advise from a tax attorney.