US accounting firms brace for impact amid rapid policy shifts
The US accounting landscape is shifting rapidly amid regulatory changes and new tax and tariff policies from the administration. This evolving environment brings both opportunity and complexity, with rising demand for advisory services, higher client expectations, and increased competition from industry consolidation.
In the latest edition of the International Accounting Bulletin, (published prior to Trump's recent global tariff reforms), USA members Robert Hoberman Managing Partner at Hoberman & Lesser LLP, and Bryan Morrissey Managing Partner at LMHS, P.C. took time to discuss current economic trends in North America. Read on for a snapshot or the article.
Tax reform fuels planning surge
Potential changes to corporate tax rates, individual tax brackets, and international tax policy are driving a wave of strategic activity. Bryan comments:
“Provisions such as the estate exemption are set to expire on the 31st of December 2025, resulting in assets being transferred to the next generation. An income exclusion of 20% for some corporations has spurred acceleration of income into 2025.”
As firms help clients prepare for these shifts, advisory work is booming.
Regulation changes a mixed blessing
The deregulatory push may ease operational burdens, particularly for smaller firms. Robert notes:
“We are looking forward to a more reasonable approach to oversight from the SEC, which will allow smaller accounting firms to compete with larger firms by reducing the amount of administrative overhead we have to incur.
“We also anticipate more demand for our management advisory services. Additionally, as the baby boomers age and the largest transition of wealth ever recorded happens, we expect to see demand for our trust, estate, income tax and investment advisory services increase.”
Complexity grows despite fewer rules
Even as some regulations are rolled back, the volume of change is making the business environment more complicated. ESG is a notable flashpoint, with a shift away from federal oversight likely to clash with state-level and international obligations. Firms must also navigate increased client scrutiny, a tight labour market, and ongoing pressure to deliver strategic value in a volatile environment.
A demanding but promising future
Despite fee pressures and staffing shortages, US firms are experiencing strong demand across tax, consulting, and advisory services. As the regulatory landscape continues to shift and consolidation reshapes the competitive field, MGI Worldwide member firms are positioning themselves to provide trusted guidance through what promises to be a transformative era.
To read the full article in the March edition of the IAB, members can click HERE (login to the MGI Worldwide member portal will be required).
Top rankings
In the 2025 IAB rankings, we were delighted to see our member firms ranking highly against the other top accounting networks!
In the USA, our member firms ranked an impressive 13th for fee income for staff data.
In neighbouring Canada we ranked 10th for fee income, and 13th for staff data.
MGI Worldwide would like to congratulate all our member firms in North America who were responsible for helping achieve these fantastic results.
For more information
Visit the Hoberman & Lesser website or firm profile page.
Visit the LMHS, P.C website or firm profile page.
MGI Worldwide is a top 20 ranked global accounting network and association with over 8,800 professionals, accountants and tax experts in some 440 locations in almost 100 countries around the world.