Oregon

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February 26, 2010

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Oregon 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Certain payments received under an annuity contract and amounts withdrawn from the cash value of a life insurance contract give rise to income to the recipient.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 Oregon and nationwide: Department Arrests Former Northridge Insurance Agent in Fraudulent Investment Scheme Insurance Commissioner John Garamendi today announced that California Department of Insurance (CDI) investigators have arrested a former Northridge... 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 > Maine Woman Pleads Guilty To Making False Statements Related To Health Care Matters Alexandria, Louisiana DEBORAH J. GALINSKY, age 52, from Portland, Maine, pleaded guilty today before United States District Judge Dee Drell to maki... Read more > More Annuity News >

Annuity Lawyers.com Terms

Today's Terms

Immediate annuity

Definition:
An annuity that begins no later than one month after the date the insurance would otherwise stop An annuity under 5 CFR 842.204(a)(1) for which the starting date has been postponed under 5 CFR 842.204.

Conversion

Definition:
The exchange of group insurance for insurance under an individual policy purchased from a private insurance company approved by the Office of Personnel Management.

Accidental Death

Definition:
Bodily injuries sustained solely through violent, external and accidental means, and as a direct result of the bodily injuries, independently of all other causes, and within 90 days afterwards, you lose your life.

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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

Oregon 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:

Albany
Ashland
Beaverton
Bend
Canby
Central Point
Clackamas
Coos Bay
Corvallis
Cottage Grove
Dallas
Eugene
Forest Grove
Grants Pass
Gresham
Hermiston
Hillsboro
Hood River
Klamath Falls
La Grande
Lake Oswego

Lebanon
Mcminnville
Medford
Newberg
Ontario
Oregon City
Pendleton
Portland
Prineville
Redmond
Roseburg
Salem
Sherwood
Springfield
The Dalles
Troutdale
Tualatin
West Linn
Wilsonville
Woodburn

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