Credit Counselors Lose Tax Status

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The Internal Revenue Service plans to revoke the tax-exempt status of every one of the 41 credit-counseling organizations on which it has completed an audit, saying many of these firms appeared to be primarily motivated by profit, not by helping debt-burdened consumers.


IRS Commissioner Mark W. Everson also said the agency had begun criminal investigations of some of the firms but declined to elaborate. The IRS has been trying to determine if credit-counseling agencies have been misusing their tax-exempt status to take advantage of financially strapped consumers.






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