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Why Did First Stone Credit Counseling Pay Commissions?

A reader wanted to know why the public returns for First Stone Credit Counseling listed commissions as an expense since nonprofit credit counselors are not allowed to pay commissions under 501(q). – Source A visit to their site at firststone.com found a curious title to their site. It seems their primary focus is not credit … Read more

First Stone Credit Counseling Files Suit Against IRS to Retain Tax Status

A tipster (send in your tips here) sent me notice that First Stone Credit Counseling, a Texas non-profit company, filed suit against the Internal Revenue Service on November 18, 2011 in an effort to fight the revocation of their tax status. According to the suit, First Stone Credit Counseling has already received a notice of … Read more

First Stone Credit Counseling Target of Tax-Exempt Status Revocation

A tipster (send in your tips here) has sent me a petition to the Internal Revenue Service which asks for for an investigation and revocation of the tax-exempt nonprofit status for the credit counseling group. I took a look at the claims made and they do appear to be supported by the website of First … Read more