916-886-5699

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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Thursday May 6, 2021

Washington News

Washington Hotline

Automatic Unemployment Compensation Refunds

On March 31, 2021, the IRS announced that it will automatically process refunds for taxpayers who qualify for the exclusion of up to $10,200 of unemployment compensation benefits.

Due to the COVID-19 pandemic, millions of Americans were out of work and received unemployment compensation in 2020. The American Rescue Plan signed on March 11, 2021 permits taxpayers with less than $150,000 in modified adjusted gross income to exclude part of their unemployment compensation from their 2020 tax returns. A married couple filing jointly may exclude up to $20,400 and an individual may exclude up to $10,200 of unemployment compensation.

Because many people had filed their taxes prior to passage of the American Rescue Plan, the IRS decided to take action to avoid large numbers of individuals being forced to file amended tax returns.

The IRS will calculate the correct amount of income and automatically process a refund or credit the correct amount to the 2021 tax obligation of affected individuals. The IRS plans to tackle this in two stages. First it plans to calculate the tax refund for individuals eligible for the $10,200 exclusion. In the second stage, it will make adjustments for married taxpayers filing jointly who qualify for up to $20,400 of excluded unemployment compensation and other more complex tax return situations.

The IRS emphasizes that taxpayers should not file an amended return to claim the refund.

The IRS also announced that it is extending the window for certain retirement contributions until May 17, 2021. The extension will apply to the option for individuals to make 2020 contributions to IRAs, Roth IRAs, health savings accounts, Archer Medical Savings Accounts, and Coverdell education savings accounts. It previously extended the April 15, 2021 deadline for filing and paying taxes to May 17.

The IRS reminded taxpayers that the May 17 extended date does not apply to estimated tax payments. The estimated tax payment normally payable on April 15, 2021 will still be due on that date.

Published April 2, 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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