IRS REVOKES COUNSELING FIRMS' TAX STATUS
The Internal Revenue Service is revoking the tax-exempt status of as many as 41 credit-counseling firms after agency audits over a two-year period showed that many of the firms appear to be motivated by profit, news reports said. "Our examinations substantiated that these organizations have not been operating for the public good and don't deserve tax-exempt status," IRS Commissioner Mark Everson said.