Important Information for Lawyers with Credit Counseling Agency Clients

The American Association of Debt Management Organizations (AADMO) will show the Internal Revenue Service’s “in-house” training program and video for credit counseling agency investigations on October 25, 2006 at the AADMO Fall Conference in Las Vegas.

(PRWEB) September 22, 2006 -- The American Association of Debt Management Organizations (AADMO) will show the Internal Revenue Service’s “in-house” training program and video for credit counseling agency investigations on October 25, 2006 at the AADMO Fall Conference in Las Vegas.

This internal training program and video was developed by the IRS in conjunction with the Attorneys General from various States and the FTC. The video, of several hours duration, was used extensively within the IRS and shared with the States.

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

“This is critical information for anyone who is a lawyer who has a credit counseling agency as a client, anyone in a leadership or management role in an agency or serves on the board of an agency. This is a rare opportunity for the industry to learn the federal government’s inside perspective on the legal evaluation of credit counseling,” said Mark Guimond, Executive Director of the AADMO.
   
According to the video, “We (the IRS) will explain why we are revisiting what has been a settled, or at least a very quiet area of the law, for 30 years. We will tell you about the federal and state concerns over abuses in this area and how we, here at EO, hold the key to the enforcement effort. Most importantly we will show you how to analyze these cases, how to process them and how to coordinate them.”

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

“There are a lot of people who have speculated about the nature of the credit counseling investigations. Knowing the content of this training program will help educate the industry about the legal factors and elements of operations of which the IRS is critical. It was truly fascinating to learn some of the areas of focus and what is considered legally acceptable – it seems that a lot of experts have missed some truly important information,” added Guimond.
   
Other sessions at the AADMO Fall Conference will include:

• How to Become a HUD Approved Housing Counseling Agency

• The World After Tax-Exemption Revocation: Transition Options, Personal Liability and Who Has to Pay the Taxes?

• Tax Exemption Update: IRS Guidance, New Legislation, But How Much Do We Really Know?

• State of the Industry and Legislative Update

• Complying with the Virginia Credit Counseling Law

• Knowing and Understanding the Changes to the Law of Iowa

• Panel Discussion of the IRS Training Video

• And More to Come

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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