All change for the US

March 2025 – The new Trump administration is cutting a swathe through the institutions of the US, with decreased regulation and tax cuts on the way. So many changes all at once are going to lead

to a more complex environment, which could result in a big pay day for local accountancy firms. With potential changes to corporate tax rates, individual tax brackets, and international tax policies, there will likely be increased demand for tax planning and compliance services. Accounting firms may see a surge in advisory work as clients navigate new tax frameworks.

Bryan Morrissey, Managing Partner of LMHS, P.C, an MGI Worldwide member firm, notes that there are some income and estate tax provisions that are set to sunset, which has driven a planning effort by many companies and taxpayers. “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,” he said.

“An income exclusion of 20% for some corporations has spurred acceleration of income into 2025.” – Bryan Morrissey

However, decreased regulation could be a competitive boon to smaller companies. Robert Hoberman, Managing Partner at Hoberman & Lesser CPAs, LLP, an MGI member firm, is hopeful that decreased regulation and the availability of less expensive money will provide an environment for the growth of its existing clients as well as the formation of new entities.

“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.” – Robert Hoberman

While SEC has been the big buzzword in business over the last decade, it is going to come under attack from a president whose motto is “Drill, baby, drill!” There was already a bit of a backlash happening against SEC in the US.

This article was originally published in International Accounting Bulletin, March 2025.