AADMO Spring Conference to Focus on the Transition of Credit Counseling from Tax-Exempt to For-Profit and Taxable Non-Profit
(PRWEB) April 18, 2006 -- The American Association of Debt Management Organizations (AADMO), the trade association for the credit counseling industry, has announced the sessions for its Spring Conference in Austin, Texas on May 16 and 17, 2006.
According to Mark Guimond, Executive Director of the American Association of Debt Management Organizations (AADMO), the largest trade association for the credit counseling industry, “this is an important time for all credit counseling agencies to appreciate the changes they need to make to their business models to be successful in the future. The AADMO Spring Conference is vital education directed at the future of the entire industry.”
“Given the fact that the Internal Revenue Service (IRS) is not approving new 501(c)(3) credit counseling agencies and its notice that over half the industry will have its tax exempt status revoked in the immediate future, all agencies need to know how to survive. They need to know what they can legally do and not do in the transformation process. They need to know what to do now, in the process of transition and after the loss of tax-exempt status”, said Guimond.
“This transition is not about good agencies versus bad. The credit counseling industry has changed considerably since it was first approved by the IRS in the 1960s. In the last 40 years, however, the industry has changed just as the economy has changed - in the use of debt, credit cards, cashless transactions, widely available communications and the internet. This current process simply means that credit counseling agencies will now have to pay taxes like all other businesses. Because this is a change in the way that these agencies have operated historically, it is more important than ever to have accurate and authoritative information specifically directed at the industry, added Guimond.
AADMO is working diligently to ensure the continued operation and viability of credit counseling and debt management organizations. AADMO is the only trade association for credit counseling that provides important education and information for the entire industry.
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 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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