Internal Revenue Service to Address Credit Counseling Industry

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The Internal Revenue Service (IRS) will address the credit counseling industry at the Spring Conference of the American Association of Debt Management Organizations (AADMO) in New Orleans on May 5, 2008.

The Internal Revenue Service (IRS) will address the credit counseling industry at the Spring Conference of the American Association of Debt Management Organizations (AADMO) in New Orleans on May 5, 2008.

According to Mark Guimond, Executive Director of the AADMO, the largest trade association for the credit counseling industry, "the IRS has increased the number of industry audits by another 111 to a total of 254 - this represents the vast majority, if not the entirety, of the operating industry that will be audited."

"If you work for a 501(c)(3) tax-exempt credit counseling agency you need to prepare for your audit. The time for a 'reality-check' is before, not during or after, an audit. This may be the most important educational opportunity ever for your organization," said Guimond.

"This conference will focus on the audits to come, those in place, those on appeal, those that are completed and an ever changing credit counseling industry. With so many issues critical to this industry pending before the IRS, we are pleased to have this opportunity for the IRS to brief credit counseling on the status of its evaluation of the industry," added Guimond.

Other sessions at the AADMO Spring Conference will include:

  • IRS Audit and Examination Update - Your Only Source of Information About the Issued "No Change" Letters, Closing Agreements and Revocations
  • Your Own Mini-Audit: The Actual Questions the IRS Asks
  • EOUST Briefing on the Final Rule for Bankruptcy Reform Credit Counseling and Debtor Education
  • How to Comply with $0 Deductible Insurance, Bonds Payable to the State and Other Challenges
  • Legislative/Regulatory Update & Review
  • Briefing on the NCCUSL "Stand-By Committee" Uniform Debt Management Services Act Recommendations and Enactment
  • Implementation of the AADMO Standard/Accreditation Program
  • and More to Come...

The AADMO Spring Conference program and registration information can be found at http://www.AADMO.org or by calling 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 the mission of which is to promote and ensure the continued operation and viability of credit counseling and debt management organizations.

AADMO members are consumer credit counseling agencies, debt management organizations, credit counselors, personal finance educators, credit and debt information educators, bankruptcy pre-filing counselors, bankruptcy pre-discharge 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. AADMO is also 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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MARK GUIMOND
AADMO
281-361-2325
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