The US accounting market continues to evolve rapidly as firms navigate sweeping tax reforms, deregulation, shifting enforcement priorities, and ongoing consolidation.
Despite uncertainty across the wider economy, demand for advisory services remains strong as businesses seek guidance in an increasingly complex environment.
Roy A. Garcia, co-managing partner of member firm GEMRT, based in Florida, recently shared his insights into how deregulation and changing market dynamics are reshaping the profession in the United States with the International Accounting Bulletin (IAB).'
One of the most significant developments shaping the market has been the introduction of the One Big Beautiful Bill Act (OBBBA), which has altered several key tax provisions affecting businesses and long-term planning strategies. At the same time, a broader wave of deregulation has transformed the operating environment for both clients and accounting firms. Roy explains:
“Deregulation has arrived and in a far more sweeping fashion than most anticipated. The impact of the Department of Government Efficiency (DOGE) has been profound, resulting in significant IRS budget and workforce reductions, a meaningful pullback in enforcement activity, the elimination of numerous guidance documents, and the repeal of the Corporate Transparency Act - all of which, combined, fundamentally alter the regulatory landscape in which our clients operate.”
Roy also points out that the accounting profession itself is undergoing change as states review CPA licensure requirements and alternative pathways into the profession:
“This reflects a broader national effort to address the profession's pipeline challenges while preserving its standards of excellence.”
The changing regulatory environment is increasing pressure on firms to provide more strategic support to clients. According to Roy, firms are reassessing planning strategies, adapting to reduced IRS enforcement, and helping clients manage uncertainty as rules continue to evolve. He notes:
“In many respects, periods of significant regulatory change are where great accounting firms distinguish themselves and this moment is no exception”.
At the same time, firms are experiencing rising demand for tax advisory and planning services, particularly as businesses and high-net-worth individuals respond to new tax regulations and estate planning opportunities. Advisory-led services continue to grow across the US market as firms shift away from traditional compliance work toward more insight-driven support.
While geopolitical tensions and economic uncertainty continue to create caution among businesses, the overall outlook for the US accounting sector remains positive. Strong client demand, combined with the rapid pace of regulatory and structural change, is creating significant opportunities for firms that can adapt quickly and deliver specialist expertise.
For more information about our contributing member firm, visit GEMRT's profile page or website.
To read the full US Country Report in the April edition of the IAB, members can click HERE (login to the MGI Worldwide member portal will be required).
MGI Worldwide is a leading global accounting network and association with over 8,800 professionals, accountants and tax experts in some 440 locations in almost 100 countries
