Dear Sarah,
You are not alone in this situation. I would strongly advise you talk to a good CPA in your area and have him negotiate an installment agreement.
Alternatively, if you are resources are tight, write a nice letter to the IRS outlining your personal problems with cashflow, and they will enquire about your job, income and bank to verify your story.
After that, what they will do is to analyse your financial situation and propose to you a monthly repayment of your tax liability. Usually, they may offer you 6 months to pay off the balance, in certain circumstances they would work out a longer period. Try on your own first and see what you can do.
And, please let me know how it works out for you. |