2100 Douglas Blvd, Roseville, CA

Estate Planning, Charitable Giving
And The Northern California Conference

The Planned Giving Department provides information to individuals that will assist them in using gift planning documents such as Wills, Trusts, Gift Annuities, Power of Attorney and Health Care Directives; that will provide for and protect family members and support God's work in Northern California and beyond.

Our department has received the highest possible accreditation by the North American Division of the General Conference of Seventh-day Adventists and certification for all of our planned giving professional staff. We are committed to assisting you with helpful information regarding the best way for you to benefit through a planned gift and to assist you with planning for the distribution of your estate. Please give us a call at 916-886-5699 and we will be happy to assist you.

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Wednesday April 21, 2021

Washington News

Washington Hotline

Economic Impact Payments for Individuals Experiencing Homelessness

In IR–2021–87, the Internal Revenue Service (IRS) urged advisers and organizations to help people experiencing homelessness benefit from Economic Impact Payments (EIPs).

Many individuals experiencing homelessness do not have a permanent address or a bank account. However, they still may qualify for a $1,400 Economic Impact Payment. The IRS is attempting to get information to individuals who are experiencing homelessness, the rural poor and other historically under-served groups. Community groups, employers and staff of homeless shelters are urged to help individuals learn about EIPs.

IRS Commissioner Chuck Rettig stated, "The IRS has been continuing to work directly with groups inside and outside the tax community to get information directly to people experiencing homelessness and other groups to help them receive Economic Impact Payments. The IRS is working hard on this effort, enabling millions of people who do not normally file a tax return to receive these payments. But we need to do more, and we appreciate all the help we've been receiving from national and local groups to assist in this effort to reach the people who desperately need this help."

Commissioner Rettig reminds employers and advisors that Economic Impact Payments are available even if an individual has little or no income and does not file a tax return. An EIP is available if the individual has a Social Security number and is not a dependent on another tax return.

Individuals do not need a permanent address or a bank account and qualify to receive an EIP even if they are not employed. Although they may not have filed a tax return in many years, they can file a basic 2020 tax return. On this return, they can claim a Recovery Rebate Credit. The third round of payments is $1,400 for an individual and an additional $1,400 for each dependent.

Individuals experiencing homelessness may use the address of a friend, relative or shelter. If they do not have a bank account, the IRS will send a check or debit card for the EIP.

Some financial institutions permit individuals to open a low or no-cost bank account. The website of the Federal Deposit Insurance Corporation has information in both English and Spanish that will assist individuals in locating an institution.

The IRS makes it easy to file a 2020 tax return for the Recovery Rebate Credit. Go to IRS.gov and use the Free File program. This is available through a web browser on a smartphone or a computer. Individuals who are employed may also qualify for the Earned Income Tax Credit (EITC).

There is also assistance available through the Volunteer Income Tax Assistance (VITA) or Tax Counseling for the Elderly (TCE) programs. These programs will assist tens of thousands of individuals during this tax season.

The EITC is available to a number of individuals experiencing homelessness who are employed. Single persons with an income at or below $15,820 in 2020 qualify. Couples with three or more children qualify if their income is less than $56,844. The maximum EITC for a family is $6,660 and it is a refundable credit.

The IRS also announced that another two million payments worth $3.4 billion have been released. The 159 million stimulus payments to individuals now totals $376 billion. The most recent payments were sent to Veterans Affairs beneficiaries and Social Security recipients who did not use the Non-Filer's tool.

Published April 16, 2021
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Power of Attorney

If you want to be sure that a person you trust will be able to make decisions for you when you are unable to do so, you can create a power of attorney agreement for healthcare or finances. A power of attorney for healthcare allows a person (known as your agent) to make decisions about the medical care you will or will not receive. A power of attorney for finances allows your agent to manage your financial affairs. Your agent must make decisions consistent with what they know your wishes are, even if they personally disagree. If they do not know your wishes on a particular matter, they must act in your best interest. You can give your agent broad authority to make decisions related to your financial or health care needs, or you can limit their authority to certain types of decisions. Depending on your needs, we can help you create a power of attorney agreement that will be active immediately, will go into effect if you become incapacitated, or will only be in effect for a limited time or under specific circumstances.

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