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.
This webinar addresses the latest changes to the PPP loan forgiveness program, the various applications available, and the process for completion and submission. The information provided in this presentation is current as of November 19, 2020. It is intended for general informational purposes only. Consult with your financial advisor about your specific situation.
On Nov. 18, 2020, the Internal Revenue Service released additional guidance regarding the deductibility of expenses paid using proceeds from a PPP loan. The new guidance states that if a taxpayer received a PPP loan and paid or incurred usually deductible expenses with the loan proceeds, those expenses are not deductible if the taxpayer has a reasonable expectation that they will receive forgiveness. The expenses paid for with PPP loan proceeds are not deductible in the year paid even if forgiveness has not been achieved or applied for by the end of the taxable year. In other words, the expenses are not deductible on taxpayers’ income tax returns that include the covered period. The covered period is either the 8- or 24-week period you elected to spend the loan proceeds.
In a recent Printing Industry Midwest (PIM) Financial Executives Council webinar, a panel of CEOs from several Minnesota printers got together to discuss surviving the adversity, the state of the graphic arts industry, how it’s been impacted, and where to go from here.
The subject of payroll has been top-of-mind for business owners this year. The COVID-19 pandemic triggered economic changes that caused considerable fluctuations in the size of many companies’ workforces. Employees have been laid off, furloughed and, in some cases, rehired. There has also been crisis relief for eligible businesses in the form of the Paycheck Protection Program and the payroll tax credit. Payroll recordkeeping was important in the “old normal,” but it’s even more important now as businesses continue to navigate their way through a slowly recovering economy and ongoing public health crisis.
October 15 is the deadline for individual taxpayers who extended their 2019 tax returns. (The original April 15 filing deadline was extended this year to July 15 due to the COVID-19 pandemic.) If you’re finally done filing last year’s return, you might wonder: Which tax records can you toss once you’re done? Now is a good time to go through old tax records and see what you can discard.
It’s been a year like no other. The sudden impact of the COVID-19 pandemic in March forced every business owner — ready or not — to execute his or her disaster response plan.
