The Pension Protection Act of 2006 enacted Internal Revenue Code section 501(q), which establishes standards that a credit counseling organization must satisfy to qualify for exemption under Code section 501(c)(3) or 501(c)(4).
- Does section 501(q) apply to my organization?
- What does section 501(q) require for credit counseling organizations exempt under Code section 501(c)(3) or 501(c)(4)?
- Are there other requirements for section 501(c)(3) organizations? PDF
- Am I required to comply with section 501(q) even if I do not offer debt management plans?
- Are there restrictions on who may serve on the governing board of a credit counseling organization?
- Can we put our activities that don’t meet the criteria of section 501(q) into a wholly-owned taxable subsidiary?
- May I buy lists of potential customers from the Internet site that carries my ads?
- The statute says we cannot solicit contributions from consumers. ob体育 can we raise operating funds?
- Does the statute limit how much we can receive from debt management plan (DMP) services?
- If I don’t meet the requirements of section 501(q), is my income from debt management plans (DMPs) taxed?
- Where can I get more information about credit counseling organizations?
Note: A tax-exempt credit counseling organization must first meet exemption requirements under section 501(c)(3) or 501(c)(4) before section 501(q) applies.