On July 4th, 2025, the president signed the largest piece of new tax legislation since The Tax Cuts and Jobs Act and the Inflation Reduction Act. Below are just a few of the sweeping changes for businesses and individuals. Unless…
Many business owners take an informal approach to controlling costs, tackling the issue only when it becomes an obvious problem. A better way to handle it is through proactive, systematic cost management. This means segmenting your company into its major…
FOR IMMEDIATE RELEASE LB Carlson and Malloy, Montague, Karnowski, Radosevich, and Co., P.A. Announce Strategic Merger to Enhance Client Services Plymouth, MN— January 1, 2025 — LB Carlson, a leading provider of audit, accounting, tax, and advisory services, is pleased…
Many manufacturer owners may have a ballpark idea of their company’s value. But a professional valuation is essential if you’re considering selling your manufacturing business. You also may need one if you’re applying for a loan, seeking other financing, drafting…
Success in business is often measured in profitability — and that’s hard to argue with. However, liquidity is critical to reaching the point where a company can consistently turn a profit. Even if you pile up sales to the sky, your…
To help ensure continued stability and profitability, businesses need to engage in some form of strategic planning. A recent survey by insurance giant Travelers drives home this point. In its 2024 CFO Study: A Travelers Special Report, the insurer surveyed 610…
Every business needs a budget, but not every budget looks the same. Some companies have intricately detailed ones, others rely on simple templates generated with off-the shelf software, and still others forego formal budgets in favor of a “fly by…
July marks the halfway point of the year and is generally an ideal time for manufacturers to assess their tax situation and plan appropriate strategies for reducing their 2024 tax liability. Bearing in mind that every company’s situation is unique,…
Successful manufacturers know that the key to sustainable growth is increasing profits, not just revenue. Let’s take a closer look at some ways you can boost your bottom line. Reduce overhead Increasing profits doesn’t always mean plant layoffs. Often cuts…
Manufacturing company owners who value personal asset protection from creditors typically operate their businesses as C corporations. However, in recent years, some owners have switched their companies’ form of business ownership to one of the pass-through entities, such as an…
In the face of a flood of illegitimate claims for the Employee Retention Tax Credit (ERTC), the IRS has imposed an immediate moratorium through at least the end of 2023 on processing new claims for the credit. The reason the…
On May 24, 2023, a tax bill was signed that will potentially have significant tax advantages to business owners. Minnesota’s PTE tax allows pass-through entities to pay tax on behalf of the owners. The PTE election allows the pass-through entity…
The end of tax season is just around the corner! Our staff have been working hard and we really appreciate their dedication. We are excited to provide them some extra time for relaxation while our offices are closed on Fridays…
The U.S. Senate and House of Representatives have passed the Inflation Reduction Act (IRA). President Biden is expected to sign the bill into law shortly. The IRA includes significant provisions related to climate change, health care, and, of course, taxes….
The Small Business Administration (SBA) has released new guidance intended to expedite the forgiveness process for certain borrowers under the Paycheck Protection Program (PPP). The simplified process generally is available for loans of $150,000 or less, which the SBA reports account for 93% of outstanding PPP loans. The guidance comes at a time when many borrowers are nearing a critical deadline regarding their applications for forgiveness.