AADMO to Release IRS Training Video for Credit Counseling Agency Investigations to Industry, Media and Public

The American Association of Debt Management Organizations (AADMO) is making available to the industry, media and public the IRS training video used for credit counseling investigations. This in-house training video was developed by the IRS in conjunction with the Attorneys General from various States and the FTC.

(PRWEB) November 9, 2006 -- The American Association of Debt Management Organizations (AADMO) is making available to the industry, media and public the IRS training video used for credit counseling investigations.

This internal training video was developed by the IRS in conjunction with the Attorneys General from various States and the FTC. This video, of several hours length, was broadcast within the IRS, shared with the States, and sent to Congressional staff.

"This is the inside story. This is vital information for lawyers representing a 501(c)(3) credit counseling agency, anyone who operates a credit counseling agency and anyone who serves on the board of an agency", said Mark Guimond, Executive Director of the AADMO.

Quotes from the video include:

* "This is not an area of exempt organization law that requires a great deal of legal research. You won't be staying up into the night reading treatises, legions of court cases and mountains of private letter rulings. We rely on two revenue rulings and two court cases."

* "It is our hope that you, our front line troops, will be prepared to perform your pivotal role."

* "…the negotiator, in large measure, works for the creditor…he facilitates the collection of the creditor's accounts."

* "There is no authority for viewing interest rate intercession, by itself, as furthering an exempt purpose."

"This video tells the IRS agents what to look for in their investigations. It should be equally educational for credit counseling agencies in their efforts to comply with tax-exemption law," added Guimond.

Information about the video and a full transcript of the video may be obtained from AADMO at 281-361-2325.

About AADMO

AADMO is the largest trade association for the credit counseling and debt management industry. Nationwide, the majority of licensed and legally operating credit counseling agencies are members of AADMO.

AADMO is an industry education and advocacy organization whose mission is to promote and ensure the continued operation and viability of credit counseling and debt management organizations. AADMO provides its members and the consumer public with information about the credit and debt counseling industry.

AADMO members are consumer credit counseling agencies, debt management organizations, credit counselors, personal finance educators, credit and debt information educators, consumer lawyers and many others.

AADMO is the only trade association to have held state law compliance workshops with the New York State Banking Department and the California Department of Corporations upon enactment of their respective laws governing credit counseling and AADMO is the only trade association for the industry to publish a formal summary of state laws that has been reviewed by state regulators.

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