Educational FYI's
Educational FYI's are written on topics that effect various aspects of estate planning and the laws that govern it. They are published and posted to this site when news worthy events happen that we feel you should be made aware of. The purpose of an Estate Planning Update is to bring important information to the financial advisors in the community. Our hope is that this information better equips you to assist your clients.
REGISTER TO VIEW FYIs ARCHIVE
Power Law Firm LLP releases important estate planning and related articles when there are changes in the law that we feel have an especially large impact. Please take a moment to register to receive full access to our Educational FYIs.
IRS Issues Notices to Advance Child Tax Credit Recipients
On July 22, 2003, the Internal Revenue Service mailed the first of more than 25 million letters to taxpayers to be followed on July 25 by the first advance payment checks provided under a recent tax law change. The letters contain the advance payment amount and should be saved with other records that will be needed to complete the 2003 tax returns next year.
Treasury Department Curtails Abusive Use of Life Insurance and Annuity Contracts
The Treasury Department and the IRS issued two Revenue Rulings designed to curtail the abusive use of life insurance and annuity contracts to avoid current taxation on investment earnings. Life insurance and annuity contracts receive favorable treatment under the Internal Revenue Code, including deferring tax on the investment earnings of those contracts, because they provide life insurance protection or a way to save for retirement.
SHARE
PRINT