If you owe the IRS but do not pay your tax liability in full, the IRS will send you a tax bill notice which states the balance due (including interest and penalties to date) and demands payment in full. If you do not pay in full or make other payment arrangements, the IRS will pursue collection of the taxes through liens and levies. A federal tax lien automatically applies to your assets within 10 days after the IRS send you the tax bill notice. The IRS may also file a Notice of Federal Tax Lien in the public records. The IRS may levy assets including your employment wages and bank accounts to pay your tax liability. The IRS will continue collection attempts until the tax liability (plus interest and penalties) is paid in full or until the statute of limitations bars further collection efforts. Generally, the IRS may collect tax liability for 10 years after the tax is assessed.