Illinois

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August 24, 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Certain payments received under an annuity contract and amounts withdrawn from the cash value of a life insurance contract give rise to income to the recipient.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?

The NASD Reminds Members of Their Responsibilities Regarding the Sales of Variable Annuities
NASD is an independent self-regulatory organization charged with regulating the securities industry, including sellers of variable annuities. The NASD recently issued a release to its members reminding them of their responsibilities to investors in selling variable annuities (NASD Notice 99-35, "The NASD Reminds Members of Their Responsibilities Regarding the Sales of Variable Annuities").

	Newsroom
	Latest news about Annuity cases in Illinois and nationwide: Denn Bars Company From Doing Business In Delaware An Ohio investment company has been barred from doing business in Delaware and agreed to pay a $15,000 administrative assessment to resolve a compl... Read more > SEC’s Office of the Chief Accountant and Divisions of Corporation Finance and Investment Management Release Staff Accounting Bulletin 108 There have been two common approaches used to quantify such errors. Under one approach, the error is quantified as the amount by which the... Read more > Agent Arrested in Annuity Fraud Scheme Agent Arrested in Annuity Fraud Scheme David Franklyn McMillin, an Austin life insurance agent, has been arrested on charg... 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").

Assign and Assignment

Definition:
Your irrevocable transfer of all ownership of FEGLI coverage (except Dismemberment coverage and Option C) to another individual, corporation, or trustee.

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 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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