Colorado

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August 24, 2010

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Colorado 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Certain payments received under an annuity contract and amounts withdrawn from the cash value of a life insurance contract give rise to income to the recipient.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 Colorado annuity lawyer today and get a free consultation!

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 Colorado and nationwide: Treasury and IRS Issue Guidance on Source of Income Certain payments received under an annuity contract and amounts withdrawn from the cash value of a life insurance contract give rise to inco...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 > Why Haven't Price-Level Indexed Annuities Taken The Financial World By Storm It is a pleasure to be here with you tonight. It is particularly gratifying to have the opportunity to speak to representatives of and experts abou... Read more > More Annuity News >

Annuity Lawyers.com Terms

Today's Terms

Option C

Definition:
Coverage, to insure your spouse and eligible child(ren), that you can elect in addition to Basic insurance. You can elect up to 5 multiples of the coverage amounts (each multiple equals $5,000 for a spouse and $2,500 for an eligible child). Also called family optional insurance.

Defined Benefit Pension Plan

Definition:
A pension plan that promises participants a specified monthly benefit at retirement.

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.

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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

Colorado 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:

Arvada
Aurora
Boulder
Brighton
Broomfield
Canon City
Castle Rock
Colorado Springs
Commerce City
Denver
Durango
Englewood
Evergreen
Fort Collins

Golden
Grand Junction
Greeley
Lafayette
Littleton
Longmont
Louisville
Loveland
Montrose
Parker
Pueblo
Westminster
Wheat Ridge

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