Levy - a seizure of property

While a federal tax lien is a legal claim against property, a levy is a legal seizure that actually takes your property such as your house or car or your rights to property such as your income, bank account, or Social Security payments to satisfy your tax debt.

The IRS can’t seize your property if you have a current or pending Installment Agreement, Offer in Compromise, or if the IRS agrees that you’re unable to pay due to economic hardship, meaning seizing the property would result in your inability to meet basic, reasonable living expenses.