Accounting Group of South Florida

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"How long should I keep this?" doesn't have one answer — it depends on what a record might need to support later.The IRS...
10/12/2026

"How long should I keep this?" doesn't have one answer — it depends on what a record might need to support later.
The IRS's general rule is three years from when you filed, since that's the standard window to assess additional tax. But that floor moves: if you underreported income by more than 25% of what you showed on the return, the window extends to six years. Claims related to bad debt or worthless securities get seven years. Employment tax records need to be kept at least four years. And if a return was never filed, or was fraudulent, there's no time limit at all.
The practical takeaway isn't "keep everything forever" — it's knowing which records fall into a longer window so they don't get cleared out on a standard three-year schedule by habit.

When a client's case ends before the work is finished, the advance fee they paid doesn't automatically belong to the fir...
10/09/2026

When a client's case ends before the work is finished, the advance fee they paid doesn't automatically belong to the firm just because it's already in the account.
Florida Bar Rule 4-1.16(d) requires refunding any part of an advance fee that hasn't actually been earned when representation ends. The exception is narrow: a reasonable, clearly disclosed fee the client agreed in writing would be treated as earned the moment representation began. That's a specific kind of fee arrangement, not a default assumption about any retainer.
For firms that bill a mix of flat fees and hourly work, this is worth revisiting periodically — not because something is wrong, but because the agreement language a client actually signed is what determines which fees are protected and which ones aren't.

Mark your calendar again: the usual October 31 payroll tax deadline falls on a Saturday this year, which pushes the Form...
10/08/2026

Mark your calendar again: the usual October 31 payroll tax deadline falls on a Saturday this year, which pushes the Form 941 deadline for the third quarter of 2026 to Monday, November 2.
If every deposit for the quarter was made on time and in full, the IRS gives an automatic extra 10 days, moving the filing deadline to November 10. If there's any uncertainty about whether deposits were fully on time, the safer target is still November 2.
This is a small date shift, but it's exactly the kind of thing that's easy to miss when a deadline has lived in the same spot on the calendar for years. Worth a quick confirmation with whoever handles your payroll filings this quarter.

10/07/2026

Accounting terms can sometimes feel like a completely different language, but breaking them down makes all the difference for your business! 📊✨

In this reel, we translate 5 essential financial terms into plain English:
1️⃣ Revenue: The total money earned from selling products or services.
2️⃣ Expenses: The costs paid to operate—like payroll and rent.
3️⃣ Profit: What’s left after subtracting expenses from revenue.
4️⃣ Cash Flow: The actual money moving in and out of your business.
5️⃣ Equity: The remaining value for owners after accounting for what the business owes.

Mastering these basics gives you greater control over your business growth! 🚀

Looking for a team that combines tech with real accounting expertise? Book a free consultation through the link in our bio! 🔗📲 linktr.ee/ceibaaccounting

Florida's lien law gives subcontractors and suppliers real leverage to get paid on a job — but that leverage depends on ...
10/07/2026

Florida's lien law gives subcontractors and suppliers real leverage to get paid on a job — but that leverage depends on paperwork that has to go out early, not eventually.
The Notice to Owner generally has to be served within 45 days of first furnishing labor, services, or materials on the project, not 45 days before you expect a payment problem. Miss that window, and Florida courts have been consistently strict about enforcing it: the statute isn't read with any flexibility for good intentions or honest mistakes.
The practical fix is treating the notice like a standing part of your job-start checklist, not a step you get to once something looks off. If you're a sub or supplier on a Florida job and you're not sure whether a notice already went out, that's worth confirming now, well before the 90-day window to record an actual claim of lien is anywhere close.
Review the numbers before making the decision.

10/06/2026

AI isn’t replacing your CPA—but your CPA better know how to use it! 💡📊

Tools like ChatGPT and Claude are great for research, analysis, and organization, but AI can still give answers that sound completely right while being totally wrong. When it comes to taxes, financial reporting, and critical business decisions, you can't afford that risk.

The future of accounting isn’t accountants competing against AI; it’s accountants using AI to work faster, smarter, and more efficiently—backed by real human expertise.

At Accounting Group of South Florida, we leverage cutting-edge technology to process information quickly, but every insight is guided by experienced professionals who truly understand your business and numbers.

Looking for a team that combines tech with real accounting expertise? Book a free consultation through the link in our bio! 🔗📲 linktr.ee/ceibaaccounting

Most group health plans have a renewal date built in, and most of the time, nobody touches anything until it arrives.Tha...
10/06/2026

Most group health plans have a renewal date built in, and most of the time, nobody touches anything until it arrives.

That's the risk. A plan that auto-renews carries forward last year's premium structure, plan design, and carrier terms unless someone actively reviews it beforehand. Rates can shift, networks can change, and a plan that fit the team a year ago may not reflect who's actually on staff now. Waiting until renewal notices arrive often leaves little time to actually compare alternatives before the new terms take effect.

This applies to any business with a group plan — a law firm's staff benefits, a construction company's crew coverage, or any small team with employer-sponsored health insurance.

A short review before the renewal date, rather than after it, is what turns the renewal into an actual decision instead of a formality.

10/05/2026

Are you thinking about buying a $50,000 truck before December just to lower your tax bill? 🛑 Before you make that purchase, let’s clear up a common misconception: spending money just to get a "write-off" isn’t how smart tax strategy works!

While qualifying business vehicles can be deducted, a tax deduction only reduces your total taxable income—it doesn't give you the entire purchase price back in cash. Spending $50,000 on something your business doesn't actually need still leaves you out of pocket!

True tax planning is about making sound financial decisions first, and then applying strategic tax methods to maximize your savings. Don’t buy equipment just to avoid taxes—buy what helps your business grow!

Book a free call with one of our specialists: linktr.ee/ceibaaccounting

A business doesn't have to open an office in another state to end up with a filing obligation there.Most states apply so...
10/05/2026

A business doesn't have to open an office in another state to end up with a filing obligation there.

Most states apply some version of "nexus" rules, meaning a business can trigger a state income, franchise, or gross-receipts tax filing requirement once it has enough connection to that state, whether through a physical presence, employees working there, or in some states, simply earning enough revenue from customers located there. For a construction company taking on a project across a state line, or a firm handling a matter that involves meaningful work performed in another state, that connection can form faster than expected.

The rules vary significantly by state, and getting them wrong doesn't usually show up right away. It shows up later as a notice, a penalty, or a multi-year catch-up filing once a state notices revenue with no matching return.

Before taking on work that crosses a state line, it's worth a quick check on whether that state's nexus threshold applies to the engagement.

Address

Hialeah, FL

Telephone

(786)2691892

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