Local governmental organizations operate in a highly regulated and heavily scrutinized environment. Partnering with an audit, accounting, and advisory firm with the specialized knowledge and experience necessary to help navigate the challenges of this industry is essential. LB Carlson’s governmental services team offers a full menu of expert services to assist our clients in meeting and exceeding reporting and compliance requirements, maximizing efficiencies, and maintaining the public trust.
Assurance and Attestation Services
In the public sector, nothing is more important to the credibility of local governmental organizations than exhibiting sound financial management and regulatory compliance over the use of the public funds with which they are entrusted. LB Carlson annually provides assurance and attestation services to approximately 100 such organizations, including: cities and townships, school districts and cooperatives, charter schools, police and fire relief (pension) associations, and numerous other joint ventures and commissions. Our assurance and attest services include:
Advisory services
We offer a wide range of customized advisory services specifically tailored to meet the needs of our governmental clients, including:
Tax Services
These are only some of the services we offer. Please contact LB Carlson’s governmental services team to see what we can do for you!
The Biden administration has announced several reforms to the popular Paycheck Protection Program (PPP) to bring greater relief to the smallest and most vulnerable businesses. Among other things, the administration is imposing a two-week moratorium on loans to companies with 20 or more employees and focusing on smaller businesses. It’s also changing several program rules to expand eligibility for the 100% forgivable PPP loans.
It has been almost two years since the United States Supreme Court ruled 5-4 in South Dakota vs. Wayfair that states can require the collection and remission of sales tax without physical presence nexus. If you and your business have not yet educated yourself on the new requirements, now is a good time to do so.
A tax pendulum swings. It swings right and taxes may be cut, and then it swings left and taxes may rise. Meanwhile, taxpayers, accountants and tax counsel try to interpret what might be the outcome. The recent election swung the pendulum to the left, which will likely increase taxes.
In part one of Surviving Adversity: A CEO Panel Discussion, we highlighted the conversations around revenue strategy during the pandemic. In part two, we received how the panelists have adapted the way they manage their graphic arts business in light of COVID-19, including the impact to staffing and internal processes. In part three, we’re taking a look at some of the future predictions for the industry in light of COVID’s impact.
Many business owners generate financial statements, at least in part, because lenders and other stakeholders demand it. You’re likely also aware of how insightful properly prepared financial statements can be — especially when they follow Generally Accepted Accounting Principles. But how can you best extract these useful insights? One way is to view your financial statements through a wide variety of “lenses” provided by key performance indicators (KPIs). These are calculations or formulas into which you can plug numbers from your financial statements and get results that enable you to make better business decisions.
If you have a traditional IRA or tax-deferred retirement plan account, you probably know that you must take required minimum distributions (RMDs) when you reach a certain age — or you’ll be penalized. The CARES Act, which passed last March, allowed people to skip taking these withdrawals in 2020 but now that we’re in 2021, RMDs must be taken again.