This is a pivotal time for nonprofit providers of housing counseling and related services. The Internal Revenue Service (IRS) has begun to focus on the activities of nonprofit, tax-exempt housing counseling agencies and other organizations engaging in mortgage foreclosure services to determine whether they are fulfilling their exempt purpose and whether they are complying with the requirements of Section 501(q) of the Internal Revenue Code. In recent weeks, the IRS has assembled a working group that is now up and running and is planning to conduct compliance reviews of 280 existing exempt organizations that appear to be providing mortgage foreclosure services.
The IRS’s housing counseling working group is comprised of many of the people who oversaw the credit counseling compliance project between 2004 and 2012. The IRS’s credit counseling compliance project resulted in the IRS examination of hundreds of credit counseling agencies and the reported revocation or proposed revocation of up to 80% of the entire industry as measured by revenue. As a result, housing counseling agencies need to prepare now to protect their tax-exempt status.
This webinar will review the core tax-exemption issues the IRS is expected to focus on unique to housing counseling agencies; provide an update on the status of the IRS's compliance project, what this means for HUD approval status and government funding, the IRS examination and compliance check questionnaire processes; and suggest practical tips on ways to defend your organization, both before and during an examination.
Join leading nonprofit attorneys to learn what this all means for your agency and the communities you serve, and what you can do to proactively shape your own future.
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