In the event that you don't pay your taxes, the IRS imposes a lien that secures the government's interest in your property, especially real estate. This gives the IRS the legal right to collect taxes from the sale of your assets, which includes essentially everything you own.
The lien can be imposed against you, your spouse or your business. Liens filed against you by the IRS can show up on your credit report, and often prevent you from opening a checking account or borrowing money in the future for any assets, such your home or a car.
In the case that a lien is established against your company, your accounts receivables may be negatively impacted. At this point, everything you own is only one step away from becoming the property of the federal government.