January 26, 2006
Credit-Counseling Groups May Lose Tax Exemptions
The Internal Revenue Service plans to revoke the tax-exempt status of a total of 30 nonprofit credit-counseling organizations. The IRS says the groups are not providing adequate financial education to their clients in some cases and in other cases funnel too much money to their chief executives and for-profit entities connected with the organizations.
Last year, the IRS pulled the tax exemption of five of the 30 credit-counseling organizations, including A Better Way Credit
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