Once a Statutory Notice of Defiency (SNOD) is issued the IRS will begin to attach liens against current assets and potentially those acquired in the future. Liens give the IRS the legal right to collect the tax due when you sell your your assets. The remainder of the proceeds if any, after the tax is paid belongs to the taxpayer. This is not a forced sale, a tax lien is just the IRS positioning themselves to be the first in line for payment once the asset is sold.
The good news is that tax liens no longer are recorded on your credit report which makes running your household easier. The bad news is the tax lien is still a part of your Tax Account Transcript. These transcripts are used by lending institutions and compared to your tax filings. While tax leins don't impact your income today (like a tax Levy), tax liens will make buying and selling capital assets far more "challenging".