You’ve probably heard that the recent stimulus legislation included a provision that removes the 50% limit on deducting business meals provided by restaurants in 2021 and 2022 and makes those meals fully deductible. Here are the details.
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:
- Audit and attest services in accordance with U.S. GAAP and governmental auditing standards
- Single Audits of federal awards expenditures, including compliance with the Uniform Guidance
- Audits of compliance with Minnesota laws and regulations
- Examinations of forecasts and other agreed-upon procedures engagements
- Management reports that provide concise summaries of audit results, insightful observations and recommendations for internal control or operational efficiency improvements, and contextual analysis of operating results for management and governance.
- Effective presentations of audit results at public meetings
Advisory services
We offer a wide range of customized advisory services specifically tailored to meet the needs of our governmental clients, including:
- Revenue projections
- Budget development and review
- Implementation of governmental accounting pronouncements
- Grant compliance and reporting
- Internal control evaluations
- State regulatory reporting and statutory compliance requirements
- Debt service funding plans
- Investigations of fraud or misuse of public funds
- Construction project analysis
- Special legislation consulting and support
Tax Services
- Preparation of federal tax returns, including federal Forms 990, 5500, 1096, and 1099
- Assistance with payroll and benefit tax requirements
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!
