Insights on tax, equity, and building wealth
Guides and analysis from the Harness team and the advisors on the platform.
5 Challenges for Accounting Professionals in 2025
It's fair to say the accounting profession is currently dealing with a range of issues unlike anything it's experienced in recent history. A combination of technological disruption, increased regulatory complexity, and shifting client expectations are reshaping the industry at a rapid pace.
Cybersecurity Best Practices 2025 Every Tax Professional Should Know
Cyber threats aren’t slowing down—and for tax professionals, the stakes in 2025 are higher than ever. From phishing scams to ransomware and data breaches, client information is a prime target. The reality is simple: protecting sensitive financial data has become just as critical as delivering accurate tax advice.
Section 301 Tariffs for Small Businesses in 2025: Current Rates, Exclusions, and FAQs
The near-constant shift in tariff policies, and Section 301 tariffs in particular, is creating a difficult terrain for small businesses to operate in. What makes the situation especially challenging is how these tariffs stack on each other. Original Section 301 duties combine with newer measures such as fentanyl tariffs and reciprocal tariffs on Chinese imports, putting a major strain on small business profit margins and making it difficult to plan and price products.
Tax Advisor Weekly — October 24, 2025
From the courtroom to the supply chain, U.S. economic policy sent shockwaves through tax planning again this week. A new S&P Global analysis shows Trump-era tariffs may cost businesses over $1.2 trillion in 2025—with consumers bearing most of the burden. Meanwhile, the Supreme Court is now the battleground for legal fights over Trump's executive powers, from tariff authority to agency control.
What Advisors Need to Know About IRS Cybersecurity Guidelines
Cybersecurity isn’t a side project for tax advisors anymore, it’s become one of the most important parts of running a trustworthy practice. The IRS has been clear: every firm, whether a solo shop or a large partnership, is expected to follow specific safeguards to protect taxpayer data. These IRS cybersecurity guidelines aren’t only there to reduce risk, they shape how clients view your professionalism and reliability.
Who Qualifies for the Duty Drawback Program (and How to Claim)
Many U.S. businesses are leaving money on the table in their international trade operations. The U.S. duty drawback program—a powerful yet underutilized provision in customs law—allows companies to reclaim up to 99% of duties paid on imported goods that later leave American shores.
Tax Advisor Weekly — October 17, 2025
From bracket shifts to soybean standoffs, the week brought another wave of policy moves reshaping tax planning. The IRS has officially released its 2026 inflation-adjusted tax brackets and deduction thresholds, giving planners fresh numbers to model against. But those working under extension have little time to process them: the October 15 deadline is still firm, despite the ongoing IRS shutdown.
Your Next Client Isn't Searching Google. Here's Where They Are.
When it comes to attracting new clients, especially those needing high-income tax planning, tax advisors spend a great deal of time and money on digital marketing. While optimizing ad campaigns and climbing search rankings may appear like a productive use of resources, a recent survey conducted by Harness reveals that only 11% of high-income earners discover their tax advisors through online searches.
Mega Backdoor Roth in 2025: Limits, Pitfalls, and High-Income Playbooks
High-income earners face a frustrating situation when it comes to retirement savings. IRS income restrictions block access to tax-advantaged Roth accounts, limiting a high-income earner's wealth-building options.
The History of U.S. Tax Policy: Navigating Changes as a Tax Advisor
Over the last four decades or so, the U.S. tax code has evolved from being a relatively straightforward system into an intricate framework of regulations, deductions, and provisions. With the complexity of the tax code challenging even the most seasoned tax professionals, the accounting industry has seen a huge rise in tax professionals who focus on specific areas of taxation.
Tax Advisor Weekly — October 10, 2025
From Main Street to Silicon Valley, the latest federal moves are rippling through tax strategy and planning. Startups may now rethink their entity choice thanks to expanded QSBS exclusions, while financial advisors are cautiously upbeat about client retirement prospects and tax burdens under the One Big Beautiful Bill Act (OBBBA). Meanwhile, the government shutdown continues into its second week, furloughing half of the IRS and raising new risks for refunds, audits, and processing delays. And as immigration and labor policy take a turn, the Trump administration is advancing stricter H-1B visa rules.
PTE SALT Cap Workarounds in 2025: Who Should Elect, When, and State-by-State Nuances
In high-tax states across America, business owners have watched their state and local tax deductions shrink under federal caps. Pass-through entity tax elections may have emerged as a SALT cap workaround to help preserve deductions, but recent legislative proposals threaten to reshape these strategies.
Tax Advisor Weekly — October 3, 2025
Fiscal drama is colliding with tax policy again this week. The federal government officially shut down after a deadlock in Congress over Affordable Care Act premium tax credits that support 22 million Americans. At the same time, President Trump has escalated his tariff strategy—targeting foreign-made films, heavy trucks, and even household furniture. Meanwhile, advisors are watching how these trade measures interact with inflation and consumer spending. And in the corporate tax world, Amazon’s $2.5 billion FTC settlement comes with a big catch: most of it is tax-deductible.
Tax Advisor Weekly — September 26, 2025
Tax policy and client planning are intersecting more sharply than ever this week. Retirees are watching the projected Social Security COLA for 2026, while the IRS is set to phase out paper refund checks beginning September 30. Homeowners racing to claim energy-efficiency tax credits may lose their window before year-end. Meanwhile, inflation data will test whether last week’s Fed rate cut was justified. And for service workers, new clarity emerged on how “cash tips” will be treated under the tip‑tax deduction rules.
Evergreen Private Equity Funds and How They Differ From Traditional PE Structures
The long-standing dominance of fixed-term private equity funds is being challenged by evergreen funds that are reshaping PE with an open-ended structure that allows investors to enter and exit on a regular basis. Approximately $700 billion now flows through these semi-liquid vehicles, with the 5% of AUM currently allocated to evergreen funds expected to rise to 20% in the coming decade.
Tax Advisor Weekly — September 19, 2025
As tax enforcement tightens and generational wealth divides widen, advisors are being pulled in every direction. Gen X clients are struggling to build lasting financial legacies, just as the IRS ramps up pressure on digital asset payrolls and cash-heavy small businesses. Meanwhile, a little-known strategy is helping retirees earn up to $141K in tax-free income—if they play their cards right. In corporate tax, a high-stakes battle is unfolding as the IRS challenges common shareholder loan structures, blurring the line between debt and equity.
What is a Step Up in Basis?
Among the tax provisions relevant to intergenerational wealth transfer, "Step-Up in Basis" holds a prime position. Resetting an asset's tax basis to its fair market value upon the original owner’s death, the provision potentially eliminates capital gains taxes on appreciation that occurred during the owner's lifetime.
Tax Advisor Weekly — September 12, 2025
As new rules from Trump’s “Big Beautiful Bill” take shape, the IRS has begun previewing major changes to the 2026 W-2 and W-4 forms, including new codes for tip and overtime deductions. At the same time, legal and economic clouds are gathering: the Supreme Court has agreed to fast-track a decision on the legality of Trump’s sweeping tariffs, which could trigger billions in taxpayer refunds. And fresh revisions from the Bureau of Labor Statistics reveal that nearly 1 million jobs were overcounted earlier this year—adding urgency to calls for monetary easing.
73% of Clients Say Trust Is the #1 Priority. Here’s How to Build It Before the First Meeting
According to a recent Harness survey, nearly three-quarters of high-income clients place trust above all other factors when choosing a tax advisor. Not expertise. Not pricing. Trust.
Flagship Report: What High-Income Clients Want from Their Tax Advisors in 2025
Whether it's the opportunity to provide higher value services or gain the benefits of a long-term professional relationship, it's not difficult to understand what tax advisors are looking for in high-income clients. What high-income clients are looking for in a tax advisor, however, is a little more complicated.
Tax Advisor Weekly — September 5, 2025
As fiscal and monetary policy collide, tax professionals are working through uncertainty from all angles. The Fed is signaling rate cuts as early as this month, while Trump’s most sweeping tariffs have just been ruled unlawful by a federal appeals court. Meanwhile, the Treasury has released its list of jobs eligible for the new tip tax exemption—and yes, influencers made the cut. Over in global logistics, China’s shippers are reorienting to avoid upcoming U.S. port fees.
Tax Advisor Weekly — August 29, 2025
The Trump administration’s tax and trade policies remain front and center this week, as new battles over digital regulations escalate and economic inequities sharpen. Trump is threatening tariffs against countries targeting U.S. tech companies, while a new study shows billionaires pay significantly lower effective tax rates than most Americans. Meanwhile, Social Security’s COLA bump for 2026 may not be enough to keep pace with inflation, and Republicans are scrambling to rebrand Trump’s unpopular “One Big Beautiful Bill.”
Tax Advisor Weekly — August 22, 2025
The ripple effects of Trump’s tax and tariff policies are accelerating. S&P Global just reaffirmed the U.S. credit rating—but only because rising tariff revenues are plugging holes left by sweeping tax cuts. Meanwhile, the IRS may delay the 2026 tax season due to ongoing staff cuts and logistical backlogs. And a new actuarial forecast shows Social Security cuts are approaching even faster than previously expected.
IDGTs Explained: A Powerful Trust Strategy for Tax-Efficient Wealth Transfer
One of the most common concerns of high-net-worth clients is how to transfer their wealth across generations while minimizing the tax impact. An effective way to achieve this is through the use of Intentionally Defective Grantor Trusts (IDGTs), which reduce estate tax exposure while maintaining control over income tax treatment.
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