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Governmental Services

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!

Blog Posts

Business travel

IRS announces per diem rates for business travel

September 29, 2020

In Notice 2020-71, the IRS recently announced per diem rates that can be used to substantiate the amount of business expenses incurred for travel away from home on or after October 1, 2020.

Weighing the risks

Weighing the risks vs. rewards of a mezzanine loan

September 17, 2020

To say that most small to midsize businesses have at least considered taking out a loan this year would probably be an understatement. The economic impact of the COVID-19 pandemic has lowered many companies’ revenue but may have also opened opportunities for others to expand or pivot into more profitable areas.

If your company needs working capital to grow, rather than simply survive, you might want to consider a mezzanine loan. These arrangements offer relatively quick access to substantial funding but with risks that you should fully understand before signing on the dotted line.

Employee health care

Helping employees understand their health care accounts

September 11, 2020

Many businesses now offer, as part of their health care benefits, various types of accounts that reimburse employees for medical expenses on a tax-advantaged basis. These include health Flexible Spending Accounts (FSAs), Health Reimbursement Arrangement (HRAs) and Health Savings Account (HSAs, which are usually offered in conjunction with a high-deductible health plan).

Accounting software

5 common accounting software mistakes to avoid

September 11, 2020

No company can afford to operate without the right accounting software. When considering whether to buy a new product or upgrade their current solutions, however, business owners often fall prey to some common mistakes. Here are five gaffes to avoid:

Social Security tax

Will You Have to Pay Tax on Your Social Security Benefits?

September 11, 2020

If you’re getting close to retirement, you may wonder: Are my Social Security benefits going to be taxed? And if so, how much will you have to pay? It depends on your other income. If you’re taxed, between 50% and 85% of your benefits could be taxed. (This doesn’t mean you pay 85% of your benefits back to the government in taxes. It merely that you’d include 85% of them in your income subject to your regular tax rates.)