The Internal Revenue Service (IRS) is preparing an industry-wide review of tax-exempt organizations that are engaged in mortgage foreclosure
This is a pivotal time for nonprofit providers of housing counseling and related services. The Internal Revenue Service ("IRS") has begun to focus on
Earlier this year, the Internal Revenue Service’s (“IRS”) Exempt Organizations (“EO”) division unveiled its annual work plan.
The Internal Revenue Service (the "Service") Office of Chief Counsel ("Counsel") has issued a memorandum providing that organizations that engage in housing counseling may be subject to Section 501(q) of the Internal Revenue Code (the "Code"), and that activities related to the modification of the terms of a borrower's mortgage generally do not violate the Section 501(q) prohibition on loan negotiation.