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Application of Section 501(q) to Organizations Assisting Homeowners at Risk of Foreclosure

The IRS Chief Counsel's office has concluded that organizations that provide educational information on financial topics or financial counseling to homeowners at risk of foreclosure are providing "credit counseling services" within the meaning of section 501(q) of the Internal Revenue Code. The Chief Counsel Memorandum has been transmitted to the Exempt Organizations Determinations office for use in processing applications under Code section 501(c)(3) or 501(c)(4).

Page Last Reviewed or Updated: 05-Mar-2014