June 1, 2006
Some Credit Counselors Will Lose Tax Exemption
By Elizabeth SchwinnThe IRS has announced that it will revoke the tax exemptions of 41 nonprofit organizations that counsel people who have amassed big credit-card debts. Together the organizations account for some $410-million of the $1-billion in revenue that credit-counseling institutions take in annually.
The move comes after the IRSconducted an audit of those groups. It said every single organization it examined did not
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