j$k5390764j$kThe COVID-19 pandemic has had a major impact on all aspects of life, including financial stability. Many people have found themselves struggling to keep up with their tax payments, leading to the need for installment agreements with the Internal Revenue Service (IRS). An installment agreement with the IRS allows individuals to pay their tax debt over time, rather than in one lump sum. This can be a helpful solution for those who are unable to pay their taxes in full due to financial hardships caused by the pandemic. Fortunately, the IRS has made some changes to its installment agreement policies in light of the COVID-19 crisis. One of these changes is an increase in the maximum amount of debt that can be paid off through a streamlined installment agreement, from $50,000 to $100,000. Additionally, the IRS has implemented flexible payment options for those who have been affected by COVID-19. This includes being able to temporarily suspend payments or adjust the amount of monthly payments. To qualify for these flexible payment options, individuals must meet certain criteria. This may include being unemployed or self-employed, or experiencing a significant reduction in income due to the pandemic. To request an installment agreement with the IRS, individuals can complete an online application or contact the IRS directly. It is important to note that there may be fees associated with setting up an installment agreement, as well as interest charges on the remaining balance. When applying for an installment agreement, it is recommended to seek the assistance of a tax professional or financial advisor, as they can provide guidance and help ensure that all necessary information is provided to the IRS. In conclusion, if you are struggling to meet your tax obligations due to the impact of the COVID-19 pandemic, an installment agreement with the IRS may be a helpful solution. With increased flexibility and payment options available, it is important to explore all options and seek professional guidance to ensure a successful agreement.