NONPROFIT CREDIT COUNSELORS
January 13, 2006
The Internal Revenue Service plans to revoke the tax-exempt status of 30 nonprofit credit-counseling organizations, saying the groups are not providing adequate financial education to their clients and funnel too much money to their chief executives and for-profit entities connected with the organizations, reports The Washington Post. So far, five credit organizations have lost their tax-exempt status, while the reminder have been notified that their status is about to change.
