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The Online Advisor

June 2006


What's New in Taxes

“Buyer beware” warnings are issued by the IRS

A 2005 law requires anyone filing for bankruptcy to first seek counseling from a credit counseling agency.

Recent audits of a number of these tax-exempt organizations has revealed that many of them are “primarily sellers of debt-reduction plans, motivated by profit, and offering little or no counseling or education.” The IRS plans to expand its examinations of credit counseling organizations with the intention of revoking tax-exempt status of those agencies whose main goal is “to get taxpayers into high-fee debt management programs with no concern for the client’s eventual financial well-being.”

As part of its program to halt abuses within the credit counseling industry, the IRS is alerting both the industry and the general public to problems in this sector.


For details or for assistance with your tax planning, give our office a call.

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