Alpine Mar

A Haunting $80K Mistake That Could Have Been Avoided Imagine this—a business owner trusts their CPA to file their taxes, thinking everything is in order. Months later, they receive the dreaded news: they owe an extra $80,000 in taxes. Their previous CPA missed the Qualified Business Income (QBI) deduction, a significant tax break they were entitled to. The shock is gut-wrenching. With the deadline passed, they feel trapped in a financial nightmare, burdened by a tax bill they never expected. But hope appears when they find a new CPA willing to right the wrong and amend the return to claim the deduction they should have received all along. Mistakes like missing the QBI deduction can have devastating financial consequences, but they can be avoided with meticulous accounting and tax planning. To make sure you’re maximizing deductions and keeping more of your hard-earned money, work with professionals (like us) who know the tax code inside and out. If a mistake does happen, amending returns can often save the day—but why face the terror in the first place when it can be avoided?

Going to share a pretty crazy stat with you: There are an estimated 33 Million entities that are required to file Beneficial Ownership Information with FinCen by January 2025. Midway through 2024, only 2.7 Million entities had filed. If there are still more than 25 Million entities that are non-compliant by January 2025, and FinCen begins to enforce penalties, day one would result in over $14 Billion of penalties being assessed (25 Million x $591) 🤯 If you have an active entity open, make sure you know your compliance requirements! If you need help or have questions, you can reach out to boi@alpinemar.com, or you can start your BOI filing here: https://lnkd.in/enNgYeKJ

𝗜𝘁'𝘀 𝗕𝗢𝗜 𝗥𝗲𝗽𝗼𝗿𝘁𝗶𝗻𝗴 𝘀𝗲𝗮𝘀𝗼𝗻! If you haven't been flooded with information regarding the new Beneficial Ownership Information reporting requirement, I'm dropping a few points below that you should definitely know: 1. Beginning this year (2024) nearly every single legal entity that is active in the US is required to remit Beneficial Owner Information to FinCen (The Financial Crimes Enforcement Network). 2. If you are non-compliant penalties start at $591/day, up to a total of $10,000. 3. Alpine Mar has created a custom process specifically for BOI filings with a few features that make it much easier for you to stay compliant, especially if you have more than 1 beneficial owner. If you're interested in learning more, hit the link below, or you can send our team a note at boi@alpinemar.com https://lnkd.in/enNgYeKJ

Pixar creates magic with every project through relentless focus on quality. We bring that same level of dedication to our clients. At Alpine Mar, we know that attention to detail and delivering excellence at every touchpoint is what drives lasting success. When you build your business with quality at its core, the results speak for themselves.

A Chilling Story of Massive Penalties That Could Haunt You This story begins with a business owner expanding into foreign markets—an exciting new chapter. But amidst the hustle, they overlook the foreign form filing requirements. As the deadline passes, the silence is ominous. The next thing they know, they are hit with massive penalties that could drain their business's hard-earned profits. The fines seem endless, and the sheer complexity of the forms becomes overwhelming. Now, instead of enjoying the fruits of global expansion, they are haunted by financial disaster. Foreign forms, such as the Forms 5471 and 5472, are critical to avoid crippling penalties. If you have foreign assets or accounts, failure to report them properly could result in financial chaos. To avoid this fate, stay ahead of the requirements, and always work with experienced accountants (like us) who specialize in international financial filings. We can help you avoid this gruesome mistake and protect your business from unexpected and costly fines.

A few weeks ago, our team had the opportunity to attend the CBC Summit in Washington, D.C. The event brought together top industry executives, regulators, and innovators to tackle the challenges of crypto banking and compliance. We heard invaluable insights from thought-provoking panel discussions and made fantastic connections during the networking sessions. As a modern accounting firm, staying ahead of emerging trends like crypto is essential for us. Events like the CBC Summit help us continue to expand our knowledge and better serve our clients in this evolving space. #CBCSummit #CryptoNews #crypto

The Terrifying Tale of BOI Penalties and How to Escape Them It starts innocently enough—a small business owner, too busy to pay close attention to every form and filing requirement, unknowingly ignores the Beneficial Ownership Information (BOI) reporting deadlines. Time slips away, and soon they are met with a terrifying letter from the government. The penalties are staggering—up to $10,000 in fines, and worse, a looming threat of 2 years behind bars. What started as an innocent oversight turns into a financial horror story no one wants to face. BOI penalties are no joke. The stakes are high, and missing deadlines or failing to file accurately could result in massive fines and even jail time. To avoid this nightmare, always stay up to date with your BOI filings and consult with financial experts (like us) to make sure you’re in full compliance. The best way to keep this financial nightmare at bay is to have professionals who understand the regulations and can help you navigate them without fear. #BOI #BeneficialOwnershipInformationReporting

As you may have seen, two powerhouse firms—CBIZ and Marcum—have just joined forces in a monumental $2.3 billion acquisition, shaking up the accounting landscape. This merger is a distinct move to compete with the Big Four and signals major opportunities within the industry. While consolidations like this often promise new efficiencies through tech, they also come with significant challenges. The integration of deeply ingrained systems, coupled with potential client and employee adjustments, means it will be fascinating to watch how this unfolds. Will the merger succeed, or will growing pains be too much to handle? What are your thoughts on this move for the industry?

October is National Financial Planning Month and whether you're a business or an individual, thoughtful planning now can lead to long-term success. Here’s how: 🔹 For Businesses: Analyze your debt-to-income ratio and cash flows to stay on top of your financial health. 🔹 For Individuals: Set both short-term and long-term financial goals, consolidate debt, and focus on reducing or eliminating high-interest debt. Remember, a strong financial plan today builds the foundation for a secure future tomorrow. #NationalFinancialPlanningMonth

Meet Domingo Bautista, a Jr. Accountant here at Alpine Mar with experience across diverse fields, including tax practice, quality assurance for U.S. debt settlement companies, and accounting with a top non-profit financial institution. He has a Business Administration degree from Cagayan State University and an Accounting degree from Northeastern College. Driven by a commitment to improving the quality of life for his family, Dom is always seeking growth, both personally and professionally. When he's not immersed in numbers, you might find him enjoying a strong, creamy coffee or reading a good book. #MeetTheTeam