Credit Counseling Industry Attacked by IRS: When Did “Profit” Become a Dirty Word?
The latest big news in the world of debt and credit is the IRS’ attack on the credit counseling industry. The IRS has canceled the tax-exempt (non-profit) status of some of the largest counseling agencies in the industry. A total of 41 organizations have had their non-profit status revoked, and this represents about 40% of the industry’s revenue. There are at least 740 other agencies that have not yet been audited, so obviously the IRS (Click to continue reading this post…)