Legal Alert: IRS Says Tax Rebates May be Withdrawn from Tax-Favored Accounts Without Penalty

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The Internal Revenue Service has announced that individuals who had their ?tax rebates? directly deposited into Individual Retirement Accounts (IRA) and other tax-favored accounts may withdraw those ?rebate? amounts without liability for either income tax or penalties.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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