Good morning. Yes, you still have time....that is simply a form notice. It is simply sent to cause you to contact them and work out a payment plan of some sort. You need simply call them before the 7th and get an extension. They have two plans for folks who cannot afford to pay in full...i) an installment agreement arrangement if it can be paid in up to 60 monthly installments; or ii) an Offer in Compromise program to provide for a settlement if the taxes, penalties and interest cannot be paid over a 60 month period.....if you choose this route, once you file an application, it will put all collection efforts on hold while the Offer is being worked out. You can see the full step by step process to filing the application for an Offer in Compromise in the IRS booklet provided at the following website: www.irs.gov/pub/irs-pdf/f656b.pdf
I hope this has given you the guidance you were seeking. I wish you the best of luck!
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The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.