Is Moss Adams still an independent company?

No. Moss Adams completed a merger with Baker Tilly on June 3, 2025, and now operates as Baker Tilly US, LLP (audit) and Baker Tilly Advisory Group, LP (tax and advisory). The Moss Adams brand no longer exists as a standalone entity.

Who owns Baker Tilly (formerly Moss Adams)?

Baker Tilly is private-equity backed, majority owned by Hellman & Friedman and Valeas Capital Partners since the Moss Adams merger closed June 3, 2025. A Blackstone-led group provided $1.455 billion in private credit financing to fund the deal.

Could AI replace Baker Tilly (Moss Adams)?

Unlikely to fully replace it. Only licensed CPA firms like Baker Tilly US, LLP can sign audit opinions and carry attest liability, a regulatory barrier AI cannot cross. Instead Baker Tilly is deploying AI tools (Fieldguide, Basis, Ode/Anthropic, as of July 20, 2026) to augment, not replace, its licensed staff.

Is Baker Tilly (Moss Adams) profitable?

No public profit figures are disclosed; it is a private partnership-structured firm. It reported $3.36 billion net revenue and ranked #6 nationally as of August 19, 2025, and is targeting $6 billion revenue by 2030, per Wikipedia's 2026-07-23 entry.

Who is Moss Adams' (Baker Tilly's) biggest competitor?

RSM US, which ranked #5 nationally with $4.04 billion net revenue versus Baker Tilly's #6 rank and $3.36 billion, per the IPA Top 500 ranking dated August 19, 2025. CBIZ (post-Marcum merger, $2.94 billion, #7) is also closely contesting the tier.

Did Moss Adams or Baker Tilly have layoffs?

No layoff events are documented in available sources; the firm has instead grown headcount through serial acquisitions, reporting roughly 11,500 employees post-merger as of June 3, 2025, up from about 3,800 pre-merger, per Wikipedia's 2026-07-23 entry.

Advertising and professional services · subsidiary of Baker Tilly (PE-backed; majority owned by Hellman & Friedman and Valeas Capital Partners; operates as independent member of Baker Tilly International network) · United States

Moss Adams

mossadams.com ↗

West Coast CPA firm now merged into Baker Tilly, a top-6 US accounting firm.

Hard to displace

Assessed 23 July 2026 · Evidence as of 23 July 2026

Strong structural protection; the business model survives ai pressure.

On the recordSince 23 July 2026 · Checkable from July 2026 · Every call on the record Checkpoint: $3 billion debt refinancing decision, moving from private credit to public markets

The call

The audit license keeps AI tools and the Big Four out, but the $3 billion refinancing this July decides how much of the firm's own staff and pay survive.

Moss Adams merged with Baker Tilly in mid-2025 to create a large accounting and audit firm that serves mid-sized companies. The big accounting firms like Deloitte and PwC avoid this middle market because the work is not profitable enough for them, and AI cannot replace the firm because only licensed CPAs can legally sign off on audits and accept liability. The real question is whether the company can refinance its $3 billion debt load in July 2026 without cutting so many jobs and salaries that talented people leave.

Why

AI pressure: Ode (Anthropic-backed), Fieldguide, Basis and similar AI audit/tax tools. AI tools cut billable hours per audit and tax engagement; firm sells AI as a paid service instead of fighting it. Could AI do the core job? Unlikely.

Bigger players: Big Four (Deloitte, PwC, EY, KPMG). Big Four's cost base makes mid-market clients unprofitable for them, so they leave this tier alone. Could a giant copy it? No, they are blocked.

What protects it. Only a licensed CPA firm can sign an audit opinion and carry the legal liability, locking out both AI tools and Big Four economics.

What would change this call

Outcome of Baker Tilly's $3B debt refinancing due July 2026. Shows whether PE leverage strains firm finances or is absorbed smoothly.
Eric Miles's CEO transition to combined firm completes by Q1 2026 without reported friction. Indicates whether leadership integration is stable or troubled.
Partner departures or client losses reported at Anchin, KraftCPAs, RubinBrown, or Berkowitz Pollack Brant post-integration. Would show integration is causing talent or client attrition.

Key numbers

$3.36B revenue, ranked #6 nationally (2025-08-19)
~11,500 employees after the merger (2025-06-03)
$3B refinancing sought to replace private credit (2026-07-17)

Named risks

$3 billion debt refinancing (sought as of 2026-07-17) could price badly or fail, forcing cost cuts. Severity: high
Integration friction across five recent acquisitions (Anchin, KraftCPAs, RubinBrown, Berkowitz Pollack Brant) since mid-2025. Severity: medium
CEO transition to Eric Miles at combined Baker Tilly may not settle cleanly. Severity: medium
AI tools (Fieldguide, Basis, Ode/Anthropic) could compress billable hours faster than fee increases offset. Severity: medium
Conflicting third-party headcount data (10,577 to 28,883 employees) signals measurement uncertainty. Severity: low

Rivals, as read in July 2026

Rival	Direction	Evidence
RSM US	contesting	Ranked #5 with $4.04B revenue vs Baker Tilly's #6, $3.36B, as of 2025-08-19
CBIZ	contesting	Post-Marcum merger CBIZ ranked #7 with $2.94B, close behind Baker Tilly, as of 2025-08-19
BDO USA	contesting	Ranked #8 with $2.89B revenue vs Baker Tilly #6, as of 2025-08-19
Grant Thornton	contesting	Ranked #9 with $2.37B revenue, trailing Baker Tilly, as of 2025-08-19
Big Four (Deloitte, PwC, EY, KPMG)	gaining on	Structurally uninterested in mid-market work, leaving Baker Tilly room to consolidate that tier since 2025-06-03

Questions people ask

Is Moss Adams still an independent company?: No. Moss Adams completed a merger with Baker Tilly on June 3, 2025, and now operates as Baker Tilly US, LLP (audit) and Baker Tilly Advisory Group, LP (tax and advisory). The Moss Adams brand no longer exists as a standalone entity.
Who owns Baker Tilly (formerly Moss Adams)?: Baker Tilly is private-equity backed, majority owned by Hellman & Friedman and Valeas Capital Partners since the Moss Adams merger closed June 3, 2025. A Blackstone-led group provided $1.455 billion in private credit financing to fund the deal.
Could AI replace Baker Tilly (Moss Adams)?: Unlikely to fully replace it. Only licensed CPA firms like Baker Tilly US, LLP can sign audit opinions and carry attest liability, a regulatory barrier AI cannot cross. Instead Baker Tilly is deploying AI tools (Fieldguide, Basis, Ode/Anthropic, as of July 20, 2026) to augment, not replace, its licensed staff.
Is Baker Tilly (Moss Adams) profitable?: No public profit figures are disclosed; it is a private partnership-structured firm. It reported $3.36 billion net revenue and ranked #6 nationally as of August 19, 2025, and is targeting $6 billion revenue by 2030, per Wikipedia's 2026-07-23 entry.
Who is Moss Adams' (Baker Tilly's) biggest competitor?: RSM US, which ranked #5 nationally with $4.04 billion net revenue versus Baker Tilly's #6 rank and $3.36 billion, per the IPA Top 500 ranking dated August 19, 2025. CBIZ (post-Marcum merger, $2.94 billion, #7) is also closely contesting the tier.
Did Moss Adams or Baker Tilly have layoffs?: No layoff events are documented in available sources; the firm has instead grown headcount through serial acquisitions, reporting roughly 11,500 employees post-merger as of June 3, 2025, up from about 3,800 pre-merger, per Wikipedia's 2026-07-23 entry.

Timeline

2026-07-20Baker Tilly and Ode with Anthropic launch initiative for AI-enabled client service
2026-07-17Baker Tilly reportedly seeking $3 billion debt refinancing
2026-06-10Baker Tilly agrees to acquire Anchin, Block & Anchin; HQ moves Chicago to NYC
2026-04-28Baker Tilly collaborates with Basis, AI-native accounting platform
2025-10-05Baker Tilly unveils Collaborative AI, middle-market generative AI service
2025-08-19IPA Top 500 ranks combined Baker Tilly #6 nationally, $3.36B revenue
2025-06-03Moss Adams and Baker Tilly merger closes; Baker Tilly US, LLP formed
2025-04-21Baker Tilly and Moss Adams announce merger, largest PE-era accounting deal
2024-12-01Moss Adams acquires Yurgosky Consulting, a Salesforce practice

Revision history

23 July 2026

First assessed. Hard to displace. The text above is fixed as of this date and is not edited afterwards.

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Sources

Moss Adams (2026-07-23)
Inside Public Accounting Releases Ranking List of Top 500 Firms (2025-09-17)
Baker Tilly merges with Moss Adams in megadeal (2025-04-22)
Blackstone Leads $1.45B Private Credit Financing (2025-06-11)
Baker Tilly seeks $3 billion debt refinancing (2026-07-17)
Baker Tilly International announces record revenues (2026-01-19)
Baker Tilly (US) to acquire Anchin, Block & Anchin (2026-06-11)
Baker Tilly acquires Anchin (2026-06-10)
Baker Tilly Unveils a Middle Market Generative AI Solution (2025-10-05)
Baker Tilly and Ode with Anthropic Launch Initiative (2026-07-20)
Baker Tilly collaborates with Basis (2026-04-28)