Winamac Town Attorney Advises Council to Utilize Umbaugh and Associates to Assess Bond Status

In order to ensure that no money is owed to the United States Treasury, Winamac Town Council members agreed to allow Umbaugh and Associates to assess the status of their existing bonds when they met last Monday.

Winamac Town Attorney Justin Schramm explained that whenever the town bonds a project, the bonds are tax-exempt since they were governmental bonds issued for a utility project.

He added that typically, bonds are subject to arbitrage regulations and if any excess interest or income earned are invested into higher yielding bonds for additional proceeds. However, since the town’s bonds are tax-exempt, different rules apply. Continue reading

Year-End Tax Tips from the Internal Revenue Service

For most tax payers, December 31st is the last day to take actions that will impact 2017 tax returns, according to the IRS.

For instance, charitable contributions are deductible in the year made. This means donations charged to a credit card before the end of the year count for the 2017 tax even if the bill isn’t paid until 2018 and checks made to a charity count for 2017 as long as they’re mailed by the last day of the year.

Taxpayers are urged to refrain from preparing their tax returns until all necessary forms and documents are received. Needed documentation includes W-2 forms from employers and 1099 forms from banks and other payers. Continue reading

Protect Yourself from Scammers Posing as IRS

The Indiana State Police are warning residents to be weary of people calling and posing as the IRS. A number of citizens in the northern Indiana have reported calls from individuals claiming to be an IRS representative, demanding money and threatening legal action. As the police work to stop the perpetration of these false calls, the IRS has provided a few tips to ensure your safety. Continue reading