Arizona

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August 24, 2010

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Arizona 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Certain payments received under an annuity contract and amounts withdrawn from the cash value of a life insurance contract give rise to income to the recipient.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 Arizona 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 > 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 > Carnahan Cracks Down In Variable Annuity Case Jefferson city, Missouri -- Secretary of State Robin Carnahan's Commissioner of Securities, Matt Kitzi, recently issued a consent order involving a... Read more > More Annuity News >

Annuity Lawyers.com Terms

Today's Terms

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").

Basic Insurance

Definition:
The coverage, based on your annual rate of basic pay, which you automatically have as an eligible employee unless you waive it.

Option A

Definition:
$10,000 in coverage that you can elect in addition to Basic insurance. Also called standard optional insurance.

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Annuity Law Resources

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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

Arizona Annuity-Law Attorney

If you live in the following cities and need an Annuity-Law attorney you should contact our Annuity-Law Attorney as soon as possible:

Apache Junction
Avondale
Buckeye
Bullhead City
Casa Grande
Cave Creek
Chandler
Chino Valley
Cottonwood
Douglas
Flagstaff
Florence
Fountain Hills
Gilbert
Glendale
Green Valley
Kingman
Lake Havasu City

Mesa
Nogales
Paradise Valley
Payson
Peoria
Phoenix
Prescott Valley
Safford
Scottsdale
Sierra Vista
Somerton
Sun City
Sun City West
Surprise
Tempe
Tucson
Yuma

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