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IRS issues interim guidance on annuity and life insurance contracts with a long-term care feature

Jorden Burt LLP
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USA
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October 10 2011

October 7, 2011 - The Pension Protection Act of 2006 (the "PPA") amended Internal Revenue Code ("IRC") 72, 1035 and 7702B with respect to annuity and life insurance contracts that also provide long-term care insurance protection either through a rider or as part of the annuity or life insurance contract itself (a "combination contract"

IRS eases restrictions on partial transfers of annuities

Jorden Burt LLP
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USA
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June 29 2011

The IRS, in Revenue Procedure 2011-38, significantly eased the restrictions regarding when a partial transfer between annuity contracts will be treated as a tax-free exchange under Internal Revenue Code ("IRC") 1035

Guaranteed deferred annuities: uncertainties persist

Jorden Burt LLP
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USA
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May 25 2011

A successful entrepreneurial friend regularly recites this mantra: the most brilliant idea is only good if it is launched at the right time

IRS issues two private letter rulings regarding "synthetic" annuities

Jorden Burt LLP
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USA
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March 16 2011

With the aging of the population and increasing life expectancy, individuals have become increasingly concerned about outliving their assets

Annuity and life insurance guidance included in federal agendas

Jorden Burt LLP
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USA
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March 4 2010

The Treasury Department and IRS recently issued its 2009-2010 priority guidance plan, listing the projects it plans to finish by the end of June 2010

IRS provides guidance regarding life insurance contracts

Jorden Burt LLP
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USA
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September 7 2009

In Notice 2009-47, the IRS requests comments on a proposed safe harbor regarding the application of Internal Revenue Code (IRC) Sections 7702 (definition of life insurance) and 7702A (definition of modified endowment contracts) to life insurance contracts that continue after an insured attains age 100

IRS issues two notices impacting life insurance contracts

Jorden Burt LLP
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USA
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May 28 2009

The Internal Revenue Service ("IRS") recently issued two Notices concerning life insurance contracts

Obama Administration's Fiscal Year 2010 Revenue Proposals target insurance industry

Jorden Burt LLP
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USA
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May 13 2009

President Obama's Fiscal Year 2010 Revenue Proposals increase the taxes on insurance companies and products by $4.9 billion for the five-year period 2010-2014 and $12.729 billion for the ten-year period 2010-1019

Tax clarifications sought for life settlements

Jorden Burt LLP
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USA
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March 16 2009

The recent development and growth of a secondary market for life insurance policies (known as Stranger-Owned Life Insurance, Investor-Owned Life Insurance, Trust-Owned Life Insurance or Charity-Owned Life Insurance) has presented a number of tax issues recently addressed by the Tax Section of the New York State Bar Association