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!
President Trump has signed a five-week extension of the Paycheck Protection Program (PPP), after unanimous agreement by the U.S. Senate and House of Representatives, in an effort to continue providing relief for small businesses hit hard by the pandemic.
Just last week, the Small Business Administration (SBA) announced that it has reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program to eligible applicants still struggling with the economic impact of the COVID-19 pandemic.
As you may have heard, the Coronavirus Aid, Relief and Economic Security (CARES) Act allows “qualified” people to take certain “coronavirus-related distributions” from their retirement plans without paying tax. So how do you qualify? In other words, what’s a coronavirus-related distribution?
The Minnesota Department of Employment and Economic Development (DEED) announced the Minnesota Small Business Relief Grants Program last week. The program, which was approved by the Minnesota Legislature and signed by Governor Tim Walz, will begin accepting applications on June 23 through 5:00 p.m. on July 2.
On June 10, 2020, the AICPA released guidance, to address how borrowers of Payroll Protection Program (PPP) Loans should account for these loans in their GAAP financial statements. The legal form of the PPP loan is debt, however, some believe that the loan is, in substance, a government grant. These conflicting opinions have led the AICPA to provide PPP Loan borrowers with options to account for the PPP Loans. Borrowers can account for the PPP Loans as:
On June 10, 2020, the Small Business Administration (SBA) issued an updated interim final rule for the Paycheck Protection Program (PPP) in response to the PPP Flexibility Act passed on June 5, 2020. The updated guidance accounts for revisions made to the covered period, usage of funds changes, extended safe harbors, and more.
Here is a quick rundown of the changes made by the PPP Flexibility Act.
