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February 06, 2012

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Florida 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Certain payments received under an annuity contract and amounts withdrawn from the cash value of a life insurance contract give rise to income to the recipient.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.

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Did You Know?

Employee Retirement Income Security Act (ERISA)
The federal law that establishes the basic requirements for employee benefit plans. The authority for administering and enforcing ERISA is divided among three federal agencies: The Internal Revenue Service (IRS), the Department of Labor (DOL), and the Pension Benefit Guaranty Corporation (PBGC).

	Newsroom
	Latest news about Annuity cases in Florida and nationwide: Former Bank Manager Sentenced For Embezzling Over $2 Million From Employer LAS VEGAS - - A former bank manager has been sentenced to 41 months in prison for her guilty plea to embezzling over $2 million from the bank durin... Read more > Treasury and IRS Issue Guidance on Source of Income Certain payments received under an annuity contract and amounts withdrawn from the cash value of a life insurance contract give rise to inco... Read more > Railroad Retirement Annuity Estimates to be Available Online The U.S. Railroad Retirement Board announced that railroad employees can now get estimates of their future annuities over the Internet.Em... Read more > More Annuity News >

Annuity Lawyers.com Terms

Today's Terms

Annuity

Definition:
Retirement benefit paid on a monthly basis

Age Multiplication Factor

Definition:
A factor used to determine the extra amount of Basic insurance payable at the time of your death, if you die before age 45 (also referred to as the "extra benefit").

Accidental Death

Definition:
Bodily injuries sustained solely through violent, external and accidental means, and as a direct result of the bodily injuries, independently of all other causes, and within 90 days afterwards, you lose your life.

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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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