IRS TAKES ON CREDIT COUNSELORS' TAX EXEMPTION: 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 industry 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.

"Over a period of years, tax-exempt credit counseling became a big business dominated by bad actors," said IRS Commissioner Mark W. Everson, in a statement. "They have poisoned an entire sector of the charitable community."

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