since the amount owed is less than $50K you can apply for either a short-term or long-term payment plan.
short-term requires full payment in 180 days or less. long-term is up to 10 years maximum.
https://www.irs.gov/payments/payment-plans-installment-agreements#benefits
https://www.irs.gov/payments/payment-plans-installment-agreements#:~:text=When%20you%20request%20a%2...
and IRS PUB 594
https://www.irs.gov/payments/payment-plans-installment-agreements#benefit
your statements above are correct,
however, should you fail to file future returns or miss payments without notifying the IRS it will notify you if it intends to start collection actions which could include levying paychecks, placing liens or seizing assets.
