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Nonprofit Liable for Underpayment Interest from Date Exempt Status Revoked (Creditguard of America, Inc., TC)

The retroactive revocation of a nonprofit credit counseling corporation’s exempt status restored the corporation to the position it would have been in if it had never had exempt status. Therefore, the taxpayer was liable for interest beginning on the date its corporate return would have been due for the tax year at issue. Background After […]

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