The Tax Times: IRS Releases New 433-A & 433-B Forms: What Practitioners Need to Know (June 2026 Update)

The IRS has released the June 2026 revisions to Forms 433-A (Collection Information Statement for Wage Earners and Self-Employed Individuals) and 433-B (Collection Information Statement for Businesses), introducing several noteworthy changes that practitioners should be aware of immediately.

These updates reflect a continued shift toward more detailed financial disclosures and enhanced data collection during IRS collection reviews.

Key Changes to Form 433-A (June 2026 Revision)

The revised Form 433-A includes several structural and substantive updates designed to expand the scope of financial and personal information collected:

· Expanded dependent reporting: The form now accommodates up to five dependents directly on the main form, an increase from three under the July 2022 version. A supplementary schedule is only required when a taxpayer has six or more dependents.

· New income fluctuation disclosure: Taxpayers must now indicate whether they anticipate any increase or decrease in income. If yes, the form requires disclosure of the expected timing, projected amount, and a brief explanation. This change signals a more forward-looking approach by the IRS in evaluating collection potential.

· Passport and citizenship questions: Two new questions have been added:

o Whether the taxpayer holds a United States passport

o Whether the taxpayer has dual citizenship

· Although the IRS has not formally explained the addition, these questions likely tie into enforcement considerations such as passport certification under IRC § 7345, evaluation of foreign ties, and identification of potential offshore assets.

· Expanded asset reporting capacity: The updated form allows more entries directly within the main document, reducing the need for attachments:

o Up to four bank accounts

o Up to four investment accounts

o Up to four digital asset holdings

o Up to four credit cards

o Up to three real properties

o Up to three personal vehicles

· Enhanced real property disclosures: The IRS now requires identification of all title holders for each property, in addition to specifying how title is held (e.g., joint tenancy, tenancy by the entirety). This aligns with increased scrutiny of ownership structures and equitable interests.

· Business asset ownership transparency: A new field requires disclosure of all title holders of business assets, further reinforcing the IRS’s focus on beneficial ownership and asset tracing.

Key Changes to Form 433-B (June 2026 Revision)

The primary update to Form 433-B is the formal separation of digital assets into their own reporting category. Previously reported under investments, digHim him himtal assets now receive dedicated treatment, underscoring the IRS’s continued focus on cryptocurrency and other blockchain-based holdings in collection matters.

Updated Client Questionnaires

To align with these revisions, both the individual and business client questionnaires, which we use, have been updated to capture all newly required information. Practitioners should ensure that intake processes are revised accordingly to avoid delays or incomplete submissions.

Practice Considerations

These changes collectively suggest a broader IRS initiative to enhance visibility into a taxpayer’s current and future financial condition, as well as their potential access to offshore or hard-to-trace assets. The addition of forward-looking income questions and citizenship disclosures may become particularly relevant in cases involving:

· Installment agreement negotiations

· Offers in compromise

· Currently not collectible determinations

· Cases involving international exposure or dual residency

Practitioners should also be mindful of how these disclosures could influence enforcement actions, including passport restrictions and cross-border collection strategies.

· If an older version of the form appears in your browser, perform a hard refresh (Ctrl + F5) or clear your cache to ensure you are accessing the updated version.

· The IRS has also updated its Collection Financial Standards. If timing permits, consider delaying submission of a Collection Information Statement until the revised standards are fully incorporated into your analysis, as they may impact allowable expense calculations and overall resolution strategy.

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