Corviniti Accounting in Miami

Technical accounting and reporting covers revenue and lease positions under ASC 606 and ASC 842, equity and debt instruments, business combinations, and SEC reporting for S-1, 10-K, and 10-Q filers. IPO and SPAC readiness closes the gap between private-company books and what an effective registration statement requires, including the PCAOB audit uplift, cheap stock, and the close process a public company has to run. Operating finance covers fractional CFO work, outsourced accounting, and the monthly bookkeeping and tax that Miami businesses need. The same people who handle a public-company close set up a restaurant's chart of accounts.

The Florida state rate is 6 percent on most sales of tangible personal property (Department of Revenue). Miami-Dade adds a 1 percent discretionary surtax, so a Miami-Dade sale is taxed at 7 percent. The surtax applies only to the first $5,000 of a single item, while the state 6 percent applies to the whole price. On a $40,000 machine the tax is $2,400 plus $50, or $2,450. Charging 7 percent on the whole price would collect $2,800, and the $350 excess belongs to the state unless it is refunded to the customer. Items sold together share one $5,000 limit only where they are normally sold in bulk or are assembled into one working unit. Surtaxes differ by county, from none to 2 percent in 2026, and the rate is the one where the buyer takes delivery, so a company selling statewide tracks rates by destination. A business registers with the Department of Revenue before its first taxable sale. The tax collected is the state's money, so it belongs in a liability account and never in income.

Florida adds back bonus depreciation under IRC section 168(k) for assets placed in service before January 1, 2027, and deducts it over seven years, so the Florida and federal bases differ from the year of purchase. Qualified improvement property is the exception: Florida recovers its bonus depreciation on the schedule the Code allowed on January 1, 2020. The 2026 conformity law adopts the Code as it stood on January 1, 2026, but keeps sections 168(k), 174(a), 163(j), 274, and 179 as in effect on January 1, 2025, before the One Big Beautiful Bill Act, and does not adopt sections 168(n) and 174A. A company affected by those sections attaches a pro forma federal return to its Florida return. We keep a Florida depreciation schedule beside the federal one, which costs less than rebuilding several years of adjustments at filing time.

The tax was repealed from October 1, 2025 under the 2025 tax package, HB 7031. At repeal the state rate was 2 percent, plus any county surtax. Rent for periods through September 30, 2025 stays taxable even when it is paid later, so an open period or an audit still follows the old rule. Transient rentals, parking, and boat docking remain taxable. A lease that adds the tax to the rent needs rereading, and a chart of accounts that accrued the tax needs the accrual removed. New York City still charges a Commercial Rent Tax on Manhattan tenants below 96th Street whose annual rent is $250,000 or more.

The homestead exemption comes in two parts and is up to $51,411 for 2026. The first $25,000 comes off every levy, including school taxes. The second part is indexed to CPI and is $26,411 for 2026; it applies to assessed value between $50,000 and $76,411 and does not come off school taxes. Save Our Homes limits the yearly increase in a homestead's assessed value to the lower of 3 percent or the change in CPI, 2.7 percent for 2026, and assessed value never exceeds market value. Portability lets accumulated savings move to a new Florida homestead, up to $500,000. Miami-Dade's combined 2025 millage ran from about 15 to 24 mills depending on the city or area, and was 19.99 mills in the City of Miami. It is made up of county, school board, municipal, and special district levies. A change of use or of ownership ends the homestead and resets the assessment to market value, so a bill can rise sharply in one year. The Miami-Dade Property Appraiser publishes current figures.

A change on the November 2026 ballot. Amendment 3 (CS/HJR 1F) would raise the homestead exemption for non-school taxes to $150,000 in 2027 and $250,000 in 2028, and would lower the annual cap on assessment increases for non-homestead property, such as rental and commercial property, from 10 percent to 5 percent for non-school taxes. It needs 60 percent approval at the election on November 3, 2026. Its ballot title and summary were rewritten by the Attorney General in August 2026 after a court challenge, and the title now reads “Increased Homestead Exemption; Lower Cap on Increases in Non-Homestead Property Assessments.” For people moving to Florida, the provision to know about now is a waiting period: a person who does not have a permanent residence in Florida on December 31, 2026 would receive $25,000 against school taxes and $50,000 against other taxes for the first four years of exemption, and the larger amount from the fifth year. From January 1, 2030, a county or city could shorten that waiting period for a critical local need, by a two-thirds vote of the full membership of its governing body.

Florida domicile is established with a Florida residence, a Florida driver's license and voter registration, and a Declaration of Domicile filed with the Clerk of the Court. The harder part is the state left behind. New York, for example, treats a person's domicile as unchanged until they show, by clear and convincing evidence, that they abandoned it and established a new one. Keeping a home in New York for substantially all of the year and spending 184 days or more there makes a person a New York statutory resident, taxed on all income as if they had not moved. Income sourced to New York, such as pay for work done there, stays taxable there after the move. Ro Sokhi is licensed in New York as well as New Jersey, so a New York to Florida move is handled on both sides by the same CPA. An examination is settled on records, so we set them up during the year: day logs, travel and card records, and records of where the work was performed.

Amendment 3 would also make December 31, 2026 a date to plan around. If Amendment 3 passes in November 2026, a person who does not have a permanent residence in Florida on December 31, 2026 would receive the larger homestead exemption only from the fifth year of exemption. A move planned for early 2027 is worth reviewing now, because a Florida permanent residence on December 31, 2026 would avoid that wait.

Funds, sponsors, and venture-backed companies. Management company and fund accounting, carried interest allocations, portfolio company reporting, and the diligence-grade books a priced round or a sponsor's investors expect. This is closest to the work the rest of the firm is built around.

Real estate owners and developers. Per-property reporting, depreciation and cost segregation, passive activity and real estate professional positions, 1031 exchanges, and the property tax picture above. Condominium and short-term rental structures bring their own reporting.

Restaurants, bars, and hospitality. Merchant deposits net of processor fees, tips through payroll, sales tax at the Miami-Dade combined rate, and books tied to the point-of-sale records, which is what a Department of Revenue audit tests.

International and Latin American businesses. Inbound structuring, transfer pricing questions, foreign owner reporting, and federal information returns with large penalties, such as $25,000 for each year a required Form 5472 is not filed.

Trades, contractors, and professional practices. Job-level costing and work in progress for contractors; insurance deposits reconciled to billed production, provider compensation, and entity and retirement plan structure for medical and dental practices.

For Miami-Dade businesses and owners, our Miami pages cover bookkeeping, small business accounting, business tax preparation, working with a CPA, fractional CFO services, and personal tax. For Broward, the same six services are on our Fort Lauderdale pages.

Our firm-wide service pages cover bookkeeping, fractional CFO services, IPO readiness, and the technical accounting work behind them. For the New York comparison, which comes up often with clients who have moved or who kept a business up north, see our New York City office page. Corviniti is an accounting advisory firm and not a CPA firm, so we do not perform audits, reviews, or compilations; where you need one we work alongside the firm that does.