No, you really won't. Please read the bill itself (hr25) which you can obtain from http://thomas.loc.gov by checking the bill number choice and entering hr24 in the search block.
The FairTax bill goes into some of the provisions for transition. If you read the bill you will see there will be NO income tax (or IRS) and the 16th amendment is identified for repeal.
The FsairTax plan is actually the simplest of them all.
You have been warned.