News from AADMO

AADMO's conference is coming up next month, and it looks like they'll be offering some insights into the IRS audit and non-profit revocation experience that some credit counselors are enduring. Should be very interesting.

The Actual Experience of Audit and Revocation by the IRS - One Credit Counseling Agency Shares it All!

The American Association of Debt Management Organizations (AADMO), the largest trade association for the credit counseling industry, will feature a program of the actual experience of one agency going through the IRS audit and revocation process at the AADMO Fall Conference in Austin, TX on October 22 and 23, 2007.

According to Mark Guimond, Executive Director of the AADMO, “We have one session that no one in credit counseling should miss – If you want to know the truth about the audit and revocation experience, this is the only opportunity to hear first hand from one of the front line veterans. You will learn directly from the top executive of a credit counseling agency that had its 501(c)(3) tax-exempt status revoked by the IRS what actually transpired and the identified problem areas that led to revocation.”

“This is an essential program if you’ve ever wondered what it’s like to receive an IRS examination notice, have an IRS document request, go through an actual audit, face revocation or go through the entire appeal process”, said Guimond.

Would you like to know what types of documents and records the IRS is looking at? Would you like to know what IRS field examiners are asking for? Would you like to know the process and duration of an appeal? If you said yes to any of these questions, the AADMO Fall Conference is the only place to find the answers”, added Guimond.

Other sessions will include:

Leads and Referrals: Not the Same Old Ballgame
Speaker: Jeffrey Tenenbaum, Venable

"60/60 Plans" and Less Than Full Balance Payments - Understanding the Applicable Laws
Speaker: Robby Birnbaum, Greenspoon Marder

Bankruptcy Reform: Value of Credit Counseling Requirement is Not Clear
Speaker: Jason Bromberg, U.S. General Accountability Office

Credit Counseling Industry Legislative Update
Speaker: Mark Guimond, AADMO Executive Director

Valuing Account Portfolios - Results and Analysis of the Industry Survey
Speakers: Paul A. Baumann, Leslie Moreau

Credit Counseling, Debtor Education and Bankruptcy Reform at the 2 Year Mark
Speaker: Henry Hobbs, Executive Office for United States Trustees

143 Audits - Why This Exact Number is Significant!

State Regulators

NCCUSL Uniform Debt Management Services Act - "Stand-By Committee" Recommendations

The AADMO Fall Conference program and registration information can be found at www.AADMO.org.

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 working diligently to ensure the continued operation and viability of credit counseling and debt management organizations. AADMO provides important education and information for the entire 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. 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.