Missouri

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August 24, 2010

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Certain payments received under an annuity contract and amounts withdrawn from the cash value of a life insurance contract give rise to income to the recipient.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

Variable annuities are not suitable for meeting short-term goals
Remember: Variable annuities are designed to be long-term investments, to meet retirement and other long-range goals. Variable annuities are not suitable for meeting short-term goals because substantial taxes and insurance company charges may apply if you withdraw your money early. Variable annuities also involve investment risks, just as mutual funds do.

	Newsroom
	Latest news about Annuity cases in Missouri and nationwide: Former Bank Manager Sentenced For Embezzling Over $2 Million From Employer LAS VEGAS - - A former bank manager has been sentenced to 41 months in prison for her guilty plea to embezzling over $2 million from the bank durin... Read more > Local attorney indicted by federal grand jury on tax charges Washington, D.C. - United States Attorney for the District of Columbia Roscoe C. Howard, Jr., Vicki S. Duane... 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

COLA, CSRS

Definition:
CSRS cost of living adjustments (COLA's) provide an increase that is equal to the rate of inflation as measured by the Consumer Price Index (CPI). CSRS cost-of-living-adjustments are provided to retirees at all ages

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.

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

Missouri 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:

Arnold
Ballwin
Belton
Blue Springs
Cape Girardeau
Chesterfield
Columbia
Fenton
Florissant
Grandview
Independence
Jefferson City
Joplin

Kansas City
Lebanon
Liberty
O Fallon
Poplar Bluff
Rolla
Saint Charles
Saint Louis
Saint Peters
Sedalia
Sikeston
Springfield

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