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Kamala Harris’ tax policy positions begin to take shape

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Kamala Harris, with the top spot on the Democratic ticket assured her, has been busy making her vice presidential pick (announced today as Minnesota’s Gov. Tim Walz) and gearing up to campaign in the “battleground” states, without spending much time laying out her tax positions — but experts say her track record is clear enough to surmise her position on a number of issues. 

“People are looking at what she did while she was in the Senate, and on the campaign trail in 2019 and in 2020,” said Caroline Bruckner, tax professor at American University’s Kogod School of Business and chief counsel for the U.S. Senate Committee on Small Business and Entrepreneurship. 

And of course, as a member of the Biden administration, she supported the Inflation Reduction Act, adopted in 2022, and the Green Book budget proposals. The Green Book proposes to not raise taxes on any taxpayer making $400,000 per year or less, which is a sensible-sounding goal, but one that might be difficult to design, according to policy experts. 

Kamala Harris

“It’s fair to say that companies are bracing for an increased corporate tax rate,” said Bruckner. “In looking back to what she proposed in some of her other policies, they are consistent with where Democrats have been, but what is interesting is that in 2019 and 2020 she proposed a massive refundable tax credit as an antipoverty measure. Biden actually did that by increasing the refundability of the Child Tax Credit. Now they have data that shows how successful that was. It’s a big change from just talking about child poverty and combating it.”

“The Child Tax Credit is a real opportunity for her to tout the success of the refundable tax credit,” said Bruckner. “It was an essential part of her tax proposal in 2019, and the Biden administration was actually able to do that with the credit. There was a bipartisan proposal just sitting there that was passed by the House earlier this year which would have expanded the credit.”

The bill failed in a procedural vote of 48-44 in the Senate. It required 60 votes to advance.

“It’s also interesting to consider her strong connections to the tax community in California,” she continued. It is believed that the policies of a potential Harris administration will be reflected in support for Silicon Valley. They will be different from the Biden administration because of where she’s from, according to Bruckner.

With the upcoming 2026 sunsetting of the 2017 Tax Cuts and Jobs Act provisions approaching, a priority for an incoming administration will be to decide whether to allow them to expire or attempt to revive some of them. 

“The question is what to extend and how to pay for it,” said Bruckner. “The most likely ‘pay-for’ is an increase in the corporate tax rate. No one expected it to stay so low for so long. It’s an exciting time because there’s the opportunity to have a vigorous debate over tax and consider some of the successful tax policies that the Biden administration was able to put through. The entire Inflation Reduction Act was a signature piece of legislation that was aimed at combating climate change through the Tax Code.”

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Accounting

The Importance of Backing Up Bookkeeping Data

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Importance of Backing Up Bookkeeping Data

Protecting Your Business’s Financial Lifeline

In today’s digital business environment, backing up bookkeeping data is not just a good practice—it’s a critical part of financial management. Your financial records are among your company’s most valuable assets. Losing them can lead to serious consequences, from lost revenue and legal penalties to a complete breakdown of operations. Whether you’re a small business owner or a large enterprise, understanding the importance of data backup in bookkeeping can save you from irreversible damage.

Why Financial Data Backup Matters

Financial data backup is essential because data loss can happen at any time. It can come from hardware failures, cyberattacks, software crashes, natural disasters, or even simple human mistakes. One accidental deletion or system crash could wipe out years of financial records, including invoices, receipts, tax filings, payroll data, and customer information. Without a solid backup plan, restoring that information can be impossible, leading to compliance violations and major setbacks.

Business Continuity and Bookkeeping Reliability

One of the main goals of any data backup strategy is business continuity. When your financial information is backed up and easily restorable, your business can continue to function even after an unexpected event. This minimizes downtime and ensures your bookkeeping stays accurate and up to date. Whether you face a cyberattack or a flood, a reliable backup ensures you can access your critical financial records and get back on track quickly.

Follow the 3-2-1 Backup Rule

A best practice for data backup is the 3-2-1 rule, which stands for:

  • 3 copies of your data (one primary and two backups)
  • 2 different types of media (for example, a computer hard drive and an external USB drive)
  • 1 copy stored off-site, such as in a secure cloud-based system

This approach protects your financial data from all types of risks, including physical theft or natural disasters that could destroy all on-site backups.

Use Cloud Backup Solutions

Modern cloud accounting software like QuickBooks Online, Xero, and FreshBooks often include automatic data backup features. These platforms store your information in secure, off-site servers and regularly update your data in real time. While this offers a great layer of protection, businesses should still maintain independent backups—either through cloud storage providers like Google Drive or Dropbox or through physical external drives.

Automate Your Backup Schedule

To avoid the risk of forgetting manual backups, it’s smart to set up automated backup schedules. Most businesses benefit from:

  • Daily incremental backups (to capture changes made each day)
  • Weekly full backups (to maintain a complete and up-to-date copy)

Additionally, consider making extra backups after major financial activities, such as closing the month or completing annual reports. This ensures that your most important financial data is stored securely at critical checkpoints.

Test Your Backup Systems Regularly

Backing up your data is only half the job. The other half is making sure you can successfully restore it when needed. Many businesses make the mistake of assuming their backup systems work, only to discover too late that their files are corrupted or inaccessible. Set a quarterly schedule to test your backup restoration process. Restore files in a test environment and make sure they are complete, accurate, and usable.

Keep Backup Data Secure

Your financial data contains sensitive business information, including banking details, employee records, and customer data. This means your backup system must be just as secure as your main systems. Use strong encryption, require password protection, and enable multi-factor authentication (MFA) on your cloud accounts. Make sure that only authorized personnel have access to backup files, and regularly audit access permissions.

Store Physical Backups Off-Site

If you use external hard drives or USB devices for backup, store at least one copy off-site. Keeping all backups in the same location exposes your data to risks like fires, floods, or theft. Consider storing a copy at a trusted partner’s office, a secure storage facility, or even using a backup vaulting service.

Stay Compliant with Legal and Tax Requirements

In many industries, financial records must be retained for several years to meet legal and tax obligations. Failing to back up your bookkeeping data can result in penalties during audits or investigations. Keeping reliable backups helps you meet these requirements, providing a digital paper trail of your financial activities.

Make Backup Part of Your Financial Strategy

Treat your bookkeeping backup system as an essential part of your business strategy. It’s not just about preventing disaster—it’s about preserving your financial history, supporting compliance, and keeping your business running smoothly. Regular data backups give you peace of mind and a safety net to fall back on when the unexpected happens.

Conclusion: Backup for Long-Term Success

Backing up your bookkeeping data is one of the smartest moves you can make to protect your business. With cyber threats rising and unexpected issues always a possibility, a strong data backup system ensures your financial records are always safe, accessible, and intact. By following best practices like the 3-2-1 rule, automating schedules, securing your data, and regularly testing your system, you build a reliable foundation for your financial operations. Make data backup a non-negotiable part of your bookkeeping routine, and you’ll be well-prepared for whatever challenges come your way.

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Accounting

13 firms combine to form Sorren

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Thirteen accounting firms have united to form Sorren, a national firm backed by private equity firm DFW Capital Partners that will have over a thousand employees and 20 offices across the country.

Operating in an alternative practice structure as Sorren CPAs PC for attest services and Sorren Inc. for business advisory and non-attest services, the combined firms have 85 partners and approximately $170 million in revenue, with plans to add more firms going forwards.

Many of the founding firms met as members of the BDO Alliance, and their leaders had gotten to know one another as attendees at alliance meetings and managing partner roundtables, according to Josh Tyree, the president of Sorren, who was previously president of Harris CPAs, an Idaho-based firm that was the first of the group to go the PE route, signing up with DFW in January 2024.

Sorren's headquarters in Boise, Idaho

Sorren’s headquarters in Boise, Idaho

“Harris had started looking at that process with DFW for a good chunk of 2023,” Tyree recalled, “and I remember we were having a managing partner roundtable meeting in Nashville that year in the fall, and they were all there and I raised my hand after two hours of talking about PE and I said, ‘Hey guys, I think I’m going to jump in feet first and you guys should all come and join us.'”

And they did — with individual firms joining up with DFW over the course of 2024, and a large group in January 2025.

“There was a level of comfort,” he explained. “We knew all of our firms and our people and what we do and how we do it because we’d shared so much information over the years.”

Apart from Harris, the other firms currently comprising Sorren are:

  • Acuity (Georgia);
  • Aycock & Co. (Texas);
  • Capital Nomics Valuations (California);
  • Chigbrow Ryan Murata (Idaho);
  • Hoerber Tillman & Co. (Florida);
  • JRJBF (Illinois);
  • KDP Advisors (Oregon);
  • KMA Advisors (Wisconsin);
  • Pisenti & Brinker (California);
  • Roeser Accountancy (California).
  • SBF Advisors (Florida);
  • Stockman Kast Ryan & Co. (Colorado).

Allan Koltin, CEO of Koltin Consulting Group, said in a statement, “What makes Sorren stand out is the way these firms came together — with intention, shared values, and a commitment to staying deeply connected to their local markets. This group didn’t just merge for size; they united around a common purpose. It’s a blueprint for how innovative firms can grow, while staying true to who they are.”

Tyree-Josh-Sorren

Josh Tyree

The firms all have a strong focus on small and middle-market businesses and nonprofits that want a local firm feel and relationship, even if they need services across the country. As it adds new firms, Sorren will prioritizing those that are a fit with their current culture.

“If we go into another region, we want to start with leadership and good people; we’re not just randomly going out to try and find any firm that meets [a client need],” Tyree explained. “It really has to fit our culture and it has to have a leader in that area for us to go into that services.”

He also made the point that Sorren is still very much a work in progress — relying on current firm expertise to build national practices in tax, assurance, CAS and advisory.

“One goal when we originally started was we wanted to get to enough mass size that we could really start to build this by using leadership from and talent from all the firms that came on board,” Tyree said.

“It’s going to be super fun, but it’s a lot of work,” he added. “If all you’re looking to do is do a rollup or something like that, that’s probably not our style. We’re trying to create this for our type of client and our type of cultures. And we think there’s a little void there where we can do it.”

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Accounting

Trump’s ex-IRS commissioner pushes back on Harvard tax attack

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Donald Trump’s promise to strip Harvard University of its tax-exempt status prompted criticism Friday from a former Internal Revenue Service commissioner in the president’s first term, who said the process would take years and need a judge’s approval. 

“The IRS will not allow itself to be weaponized,” former IRS Commissioner Charles Rettig said in an emailed statement to Bloomberg News. Rettig, who oversaw the agency from 2018 to 2022, was asked to respond to Trump’s social media post early Friday that said: “We are going to be taking away Harvard’s Tax Exempt Status. It’s what they deserve!” 

Trump made the announcement after weeks of threatening a change to the school’s tax-exempt treatment, stepping up his attack on the Ivy League school.

Federal criminal law bars President Trump or the vice president from ordering the IRS to punish his political opponents or reward his allies. Rettig said the Treasury Department’s Inspector General for Tax Administration “closely monitors and investigates efforts to possibly influence IRS operations.”

The IRS cannot take any action on an organization’s tax-exempt status “without conducting an appropriate examination that would provide relevant information objectively supporting such an action,” Rettig said. “The IRS does not and should not conduct a ‘fishing expedition’ designed to hopefully uncover a relevant issue.” 

Organizations also have administrative and judicial appeal rights that can take years to resolve before a federal judge approves a change in tax-exempt status, he said. “Throughout that process, there are many opportunities for resolution that would not result in the removal of the tax-exempt status of an organization,” he wrote. 

Trump’s fight with Harvard escalated after it rejected his administration’s demands to reform campus policies to combat antisemitism and promote viewpoint diversity. The administration has frozen $2.2 billion in funding that supported projects including ALS and tuberculosis research. 

On April 21, Harvard sued the U.S., claiming the funding freeze violated its free speech rights, and the government cannot dictate what it teaches, who it hires, and which students it admits. 

In Trump’s second term, four people have held the IRS commissioner’s job on an acting basis.

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