Paul L. Caron

Tuesday, May 16, 2006

IRS's Credit Counseling Initiative

Irs_logo_250The IRS yesterday released a report (Credit Counseling Compliance Project (5/15/06)) and executive summary on its examination of abusive practices by nonprofit credit counseling organizations. The IRS will revoke the tax exemptions of 41 nonprofit organizations (comprising $410 million of the $1 billion revenues generated annually by the credit-counseling industry) that counsel people who have amassed large credit-card debts.

Additional IRS resources:

Press reports:

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