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Casual Articles - IRS Crushes Credit Counseling Groups Claiming Non-Profit Status
Affiliate programs may be the easiest online business to start running. Why?With any online business you must have a product or service to sell. First you must create this product or service and then you must be able to fill orders.Selling your own product or service also means creati
To date, the IRS has completed 41 of the audits. Of these 41 audits, every single credit counseling business has had their non-profit statu
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IRS Crushes Credit Counseling Groups Claiming Non-Profit Status
For the last five years, the IRS has been taking a much closer look at businesses claiming to be non-profit organizations. Given the reduction of tax loopholes over the years, the agency has taken note of the fact that many high-end tax strategies now involve some kind of charitable organization. In performing the analysis, the IRS has found no worse a collection of abusive businesses than the credit counseling industry.
Beginning in 2004, the IRS audited 63 credit counseling groups claiming non-profit status. These “charitable organizations” receive over fifty percent of all the revenues in the credit counseling industry, to wit, we are talking a major audit initiative. Well, guess what the IRS found?
To date, the IRS has completed 41 of the audits. Of these 41 audits, every single credit counseling business has had their non-profit statu
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For the last five years, the IRS has been taking a much closer look at businesses claiming to be non-profit organizations. Given the reduction of tax loopholes over the years, the agency has taken note of the fact that many high-end tax strategies now involve some kind of charitable organization. In performing the analysis, the IRS has found no worse a collection of abusive businesses than the credit counseling industry.
Beginning in 2004, the IRS audited 63 credit counseling groups claiming non-profit status. These “charitable organizations” receive over fifty percent of all the revenues in the credit counseling industry, to wit, we are talking a major audit initiative. Well, guess what the IRS found?
To date, the IRS has completed 41 of the audits. Of these 41 audits, every single credit counseling business has had their non-profit statu
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Beginning in 2004, the IRS audited 63 credit counseling groups claiming non-profit status. These “charitable organizations” receive over fifty percent of all the revenues in the credit counseling industry, to wit, we are talking a major audit initiative. Well, guess what the IRS found?
To date, the IRS has completed 41 of the audits. Of these 41 audits, every single credit counseling business has had their non-profit statu
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Beginning in 2004, the IRS audited 63 credit counseling groups claiming non-profit status. These “charitable organizations” receive over fifty percent of all the revenues in the credit counseling industry, to wit, we are talking a major audit initiative. Well, guess what the IRS found?
To date, the IRS has completed 41 of the audits. Of these 41 audits, every single credit counseling business has had their non-profit statu
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To date, the IRS has completed 41 of the audits. Of these 41 audits, every single credit counseling business has had their non-profit status revoked, proposed for revocation or outright termination. Yes, every single entity has bitten the dust! Can anyone think of a bigger scam?
In crushing these bad apples, the IRS found a couple of amazing things. The primary reason for revocation was the groups provided insufficient public benefit. They offered little or no counseling or education to individuals. Instead, they were primarily motivated by profit according to the IRS. To top things off, the IRS found most of the businesses had “unique” dealings with for profit companies that just happened to be owned by the same interested parties. Imagine that! Shocking, I tell you.
It must be admitted that these rotten apples only represent roughly forty to fifty percent of the credit counseling industry. The rest of the industry that has not been audited might be entirely legitimate. The IRS does not seem to
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