Illinois

Annuity Lawyers.

February 26, 2010

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Certain payments received under an annuity contract and amounts withdrawn from the cash value of a life insurance contract give rise to income to the recipient.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

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	Latest news about Annuity cases in Illinois and nationwide: Three Samsung Execuitives Agree to Plead Guilty, Serve Jail Time Four companies and 12 individuals have been charged and fines totaling more than $731 million have resulted from the Department's DRAM investigatio... 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 > Treasury and IRS Issue Guidance on Source of Income Certain payments received under an annuity contract and amounts withdrawn from the cash value of a life insurance contract give rise to inco...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 > 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.

Annuitant

Definition:
A former employee entitled to an annuity under a retirement system established for employees. This includes the retirement system of a nonappropriated fund instrumentality of the Department of Defense or the Coast Guard.

Annuity

Definition:
Retirement benefit paid on a monthly basis

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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

Illinois 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:

Arlington Heights
Aurora
Bartlett
Berwyn
Bolingbrook
Buffalo Grove
Carol Stream
Chicago
Chicago Heights
Cicero
Des Plaines
Elgin
Glenview
Granite City

Harvey
Joliet
Lockport
Lombard
Mchenry
Moline
Mount Prospect
Normal
Oak Lawn
Palatine
Plainfield
Tinley Park
Waukegan
Wheaton

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