That is probably the best idea especially if they don't accept your offer to settle. You'd hate for them to audit you and find out about your reward earnings especially if you don't claim them on your forms...
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The money we got covers all we owe but the offer is less the interest and penalties that we owe. All the money we owe we were still paying and just hoping they would accept the full amount less the penalties. Hope that makes sense. But we do have enough to cover it all. As for the audit thing, one year is kinda because of it. Get this charitable donations. Our CPA padded it and we didn't catch it. And then she didn't fix it when we got audited.