The Internal Revenue Service said that it plans to revoke the tax-exempt status of the 41 credit counseling agencies it has audited as part of a crackdown on the industry's practices.
Over the past two years, the IRS has audited 63 credit counseling agencies, representing more than half of the $1 billion industry's revenues. The 41 organizations whose audits have been completed have either already had their exemptions revoked, or the IRS has proposed revocation and the groups are appealing, a process that can take several months.
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