Oregon

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July 20, 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Certain payments received under an annuity contract and amounts withdrawn from the cash value of a life insurance contract give rise to income to the recipient.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.

Contact a Oregon annuity lawyer today and get a free consultation!

Did You Know?

Annuity tax-free exchanges, known as 1035 exchanges
Section 1035 of the U.S. tax code allows you to exchange an existing variable annuity contract for a new annuity contract without paying any tax on the income and investment gains in your current variable annuity account. These tax-free exchanges, known as 1035 exchanges, can be useful if another annuity has features that you prefer, such as a larger death benefit, different annuity payout options, or a wider selection of investment choices.

	Newsroom
	Latest news about Annuity cases in Oregon and nationwide: Mayor Bloomberg Announces Tentative Agreement With The Uniformed Firefighters’ Association Mayor Michael R. Bloomberg and Uniformed Firefighters’ Association (UFA) President Stephen J. Cassidy today announced that a tentative contract set... 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 > California Leads Securities Regulators Crackdown on Promissory Note Fraud Since the sweep began in July of 1999, California regulators have also taken enforcement action against 185 individuals and 4... Read more > More Annuity News >

Annuity Lawyers.com Terms

Today's Terms

Annuity, Reduced

Definition:
A retiree's basic annuity that is reduced because of retirement before a certain age (for reasons other than disability). Annuities are also reduced because of unpaid deposits or redeposits, or to provide a survivor annuity. (Also called reduced benefits.)

Option A

Definition:
$10,000 in coverage that you can elect in addition to Basic insurance. Also called standard optional insurance.

Annuity, Deferred

Definition:
An annuity that begins more than 1 month after separation from employment at some future point when retirement age is reached. (Also called deferred benefits.)

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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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