WealthAdvisor
Allianz Life Receives Favorable IRS Ruling On Tax Treatment Of Fees From Annuities
(investmentnewsnet) Allianz Life Insurance Company of North America (Allianz Life(R)) announced today that it has received a favorable private letter ruling (PLR) from the Internal Revenue Service (IRS) regarding the tax treatment of advisory fees taken from nonqualified, fee-based annuities.
The ruling will allow for the payment of advisory fees from fixed-indexed or variable nonqualified annuities without creating a taxable distribution event.
"We welcome this ruling as it will allow registered investment advisors (RIAs) and fee-based advisors to more easily integrate annuities into their clients' holistic financial plans," said Corey Walther, president, Allianz Life Financial Services, LLC. "The consumer demand for annuities is growing and these products play a critical role in helping ensure clients have a guaranteed and steady income stream throughout their entire retirement."
Allianz Life is committed to finding innovative ways to better serve RIAs and fee-based advisors. The company has released several fee-based annuities and has collaborated with various advisor applications including Envestnet, Orion Advisor Services and Black Diamond Wealth Platform to help advisors efficiently integrate annuities into their planning process, as well as platforms like DPL Financial Partners that are bringing commission-free insurance products and education to the RIA market.