Alabama

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August 24, 2010

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Certain payments received under an annuity contract and amounts withdrawn from the cash value of a life insurance contract give rise to income to the recipient.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

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	Latest news about Annuity cases in Alabama 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 > OTR Issues Advisory on Survivor Benefits Read more > More Annuity News >

Annuity Lawyers.com Terms

Today's Terms

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.

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.

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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

Alabama 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:

Alabaster
Albertville
Alexander City
Anniston
Athens
Atmore
Auburn
Bay Minette
Bessemer
Birmingham
Cullman
Daphne
Decatur
Dothan
Enterprise
Fairhope
Florence
Fort Payne
Gadsden

Hartselle
Huntsville
Madison
Mobile
Montgomery
Opelika
Ozark
Pelham
Phenix City
Pinson
Prattville
Selma
Sylacauga
Talladega
Theodore
Trussville
Tuscaloosa
Wetumpka

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