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July 20, 2010

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Certain payments received under an annuity contract and amounts withdrawn from the cash value of a life insurance contract give rise to income to the recipient.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

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

Did You Know?

Variable annuities are not suitable for meeting short-term goals
Remember: Variable annuities are designed to be long-term investments, to meet retirement and other long-range goals. Variable annuities are not suitable for meeting short-term goals because substantial taxes and insurance company charges may apply if you withdraw your money early. Variable annuities also involve investment risks, just as mutual funds do.

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	Latest news about Annuity cases in Florida and nationwide: Former Massachusetts Insurance Broker Sentenced For Fraud And Money Laundering Joseph P. Garvey was sentenced to 71 months in prison, followed by three years of supervised release for money laundering and mail fraud. Garvey wa... Read more > Georgia Man Sentenced For Investment Advisor Fraud Atlanta, GA - DENNIS A. MARTIN, 37, of Marietta, Georgia, pleaded guilty today in federal district court to a single-count criminal information cha... Read more > Maine Woman Pleads Guilty To Making False Statements Related To Health Care Matters Alexandria, Louisiana DEBORAH J. GALINSKY, age 52, from Portland, Maine, pleaded guilty today before United States District Judge Dee Drell to maki... Read more > More Annuity News >

Annuity Lawyers.com Terms

Today's Terms

Option B

Definition:
Coverage, equal to up to 5 multiples of your annual basic rate of pay, that you can elect in addition to Basic insurance. Also called additional optional insurance.

Automatic Cancellation of Waiver

Definition:
The automatic entitlement to Basic insurance and ability to elect Optional insurance if you are reinstated after a break in service of at least 180 days.

Assignee

Definition:
The individual, corporation, or trustee to which you irrevocably transfer ownership of FEGLI coverage (except Dismemberment coverage and Option C).

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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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West Palm Beach
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