August 19, 2004

Write-Offs

By Elizabeth Schwinn

  • The IRS has released a memorandum on credit-counseling organizations that concludes that many organizations do not meet the standards for receiving tax exemptions. The memorandum, released by the IRS chief counsel, is essentially a blueprint to help auditors and others in the IRS decide when to revoke a credit-counseling organization's tax-exempt status --  and how to make certain the action will hold up in court. The memo can be obtained online at

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