Forty-one of the 63 credit counseling firms under investigation by the Internal Revenue Service will have their tax-exempt status revoked, according to a story running in The Washington Post. The other 22 aren?t necessarily out of the dog house; the IRS just hasn?t gotten around to them.
The issue for the IRS is that these consumer credit counseling agencies aren?t as altruistically motivated as they seem to be. Most seem to be primarily motivated by profit ? and being motivated by profit is a sure-fire way to get yourself off the non-profit roster.
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