The financial management of local governmental organizations has never been more challenging or critical than it is today. The growing complexity of governmental reporting and compliance issues, the heightened demand for accountability as stewards of public resources, and the constant pressure to provide exceptional public services while maintaining budgetary integrity, have significantly increased the demands on local government organization business officials and governance. LB Carlson provides effective assurance, compliance, and advisory services to help our governmental clients meet these challenges and maintain the trust of their constituents and stakeholders.
An experienced and expert resource
It’s important for local governments to partner with a firm that offers expert audit, accounting, and advisory services dedicated to this complex field. Our governmental services team’s leadership and experience serving the highly specialized needs of the local governmental sector in Minnesota is unsurpassed.
This experience brings a thorough understanding of this unique environment, ensuring our clients receive expert solutions that consider the latest developments in governmental accounting, compliance, and legislation. The leadership and staff of our governmental services team have the specialized knowledge and experience necessary to deliver high-quality services in a timely and cost-effective manner.
Governmental organizations we partner with
LB Carlson’s governmental services team currently provides services to approximately 100 local governmental organizations, including:
How we can help you!
In addition to traditional attestation, compliance, and accounting services, LB Carlson offers a wide range of customized advisory services specifically tailored to meet the needs of our governmental clients. Our governmental services team’s depth of specialized knowledge and thorough understanding of this constantly evolving environment enables us to provide responsive and forward-thinking support to our governmental clients throughout the year.
President Biden has signed the PPP Extension Act of 2021. The new law extends the Paycheck Protection Program (PPP) application filing deadline from March 31, 2021, to May 31, 2021, thus providing potential PPP borrowers additional time to submit their applications. The law doesn’t provide the PPP with any additional funding. However, $7.25 billion in additional funding was recently provided in the American Rescue Plan Act.
The IRS has announced that the federal income tax filing deadline for individuals for the 2020 tax year is extended from April 15, 2021, until Monday, May 17, 2021. The IRS extended the deadline to provide relief to taxpayers facing challenges as a result of the pandemic and because it’s grappling with a rising backlog of 24 million unprocessed returns. As part of its announcement, the IRS stated it would soon be issuing additional guidance about the deadline extension.
Many businesses have retained employees during the COVID-19 pandemic and enjoyed tax relief with the help of the employee retention credit (ERC). The recent signing of the American Rescue Plan Act (ARPA) brings good news: the ERC has been extended yet again.
On March 11, 2021, President Biden signed into law the American Rescue Plan Act (ARPA). The $1.9 trillion law is intended to provide far-reaching relief from the economic and other repercussions of the ongoing COVID-19 pandemic. In addition to funding for testing, contact tracing, vaccinations, education, and state and local governments, the ARPA includes extensive relief that could directly impact your finances.
The IRS has released additional guidance in Notice 2021-20 on the Employee Retention Tax Credit (ERC) with clarifications on the retroactive changes for expanded eligibility applicable to 2020. Employers who received a Paycheck Protection Program (PPP) loan have been waiting on guidance on claiming the credit in combination with forgiveness of their loan. The provisions outlined here apply to retroactive claims for 2020 as well as providing a plan for those yet to seek forgiveness.
When the Small Business Administration (SBA) launched the Paycheck Protection Program (PPP) last year, the program’s stated objective was “to provide a direct incentive for small businesses to keep their workers on the payroll.” However, according to federal officials, the recently issued second round of funding has distributed only a small percentage of the $15 billion set aside for small businesses and low- to moderate-income “first-draw” borrowers.
