What can happen to me if I owe the IRS back taxes?

The IRS has a number of collection procedures and actions it can take against you if you have unpaid taxes. These can be severe and the longer you wait to resolve your tax problem, the more difficult and costly it will be. Some of the actions the IRS can take are the outright seizure of your assets or property, levies against your wages, bank accounts or retirement income, or even initiating a criminal investigation or filing tax evasion charges.