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August 24, 2010

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Washington Annuity News

Treasury and IRS Issue Guidance on Source of Income from Life Insurance and Annuities.

Today, the Treasury Department and the Internal Revenue Service issued guidance on the source of income received by foreign persons and residents of Puerto Rico from life insurance and annuity contracts issued by U.S. companies.

Certain payments received under an annuity contract and amounts withdrawn from the cash value of a life insurance contract give rise to income to the recipient. Income with respect to a contract issued by a U.S. life insurance company constitutes U.S.-source income, without regard to whether the contract is issued by a foreign or Puerto Rican branch of the U.S. insurance company. Thus, the Revenue Ruling holds that a foreign person or Puerto Rican resident who receives income in the form of payments or withdrawals from a life insurance or annuity contract issued by a foreign or Puerto Rican branch of a U.S. life insurance company is subject to U.S. tax on such income.

Contact a Washington annuity lawyer today and get a free consultation!

Did You Know?

A variable annuity has two phases: an accumulation phase and a payout phase.
During the accumulation phase, you make purchase payments, which you can allocate to a number of investment options. For example, you could designate 40% of your purchase payments to a bond fund, 40% to a U.S. stock fund, and 20% to an international stock fund. The money you have allocated to each mutual fund investment option will increase or decrease over time, depending on the fund's performance.

	Newsroom
	Latest news about Annuity cases in Washington and nationwide: Botetourt Woman Pleads Guilty To Mail Fraud And Money Laundering United States Attorney John L. Brownlee announced today that Monica Yates, age 40, of Daleville, Virginia, pleaded guilty to one count each of mail... Read more > Local attorney indicted by federal grand jury on tax charges Washington, D.C. - United States Attorney for the District of Columbia Roscoe C. Howard, Jr., Vicki S. Duane... Read more > California Leads Securities Regulators Crackdown on Promissory Note Fraud Since the sweep began in July of 1999, California regulators have also taken enforcement action against 185 individuals and 4... Read more > More Annuity News >

Annuity Lawyers.com Terms

Today's Terms

OFEGLI

Definition:
The Office of Federal Employees' Group Life Insurance, which makes payments to beneficiaries under the policy. OFEGLI is not a Federal agency. It is staffed by employees of the contracted life insurance carrier.

Annuity, Reduced

Definition:
A retiree's basic annuity that is reduced because of retirement before a certain age (for reasons other than disability). Annuities are also reduced because of unpaid deposits or redeposits, or to provide a survivor annuity. (Also called reduced benefits.)

Duly Appointed Representative of the Insured's Estate

Definition:
An individual named in a court order granting the individual the authority to receive, or the right to possess, your property. The order must be issued by a court having jurisdiction over your estate.

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Annuity Law Hot Topics

Topics Related to Annuity:

Client Manipulation
Providing False Information
Lying to Auditors
Unauthorized Transactions
Breach of Fiduciary Duty
Broker Embezzlement

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