The 25-year-old sustained the injury against Wolves in September and it was initially hoped a period of rest would rule out the need for an operation.
But a further consultation with a specialist resulted in Taylor going under the knife and facing the prospect of six months on the sidelines.
"Paul has had a metal plate inserted to fix the injury in his mid-foot area," Ipswich physio Matt Byard told his club's official website.
"He will be in a cast for six weeks and his total recovery is likely to take around six months.
"You can never be totally accurate with a return to action on long-term injuries. It's possible he could make the last few weeks of the season but, more realistically, we are probably looking at Paul coming back fit and well for pre-season."