Bill Sheridan
@billsheridan.bsky.social
Cuba, NY, native. University at Buffalo alum. Adopted son of Baltimore and St. Louis. Speaker, author, and one of accounting's Most Influential People for 2016. (he/him/his)
The SEC is creating a new specialized unit within the Division of Enforcement to provide the dedicated expertise, focus, and capacity to pursue accounting and financial reporting fraud cases as well as general misconduct in the accounting and auditing areas.
SEC Establishes Financial Reporting and Accounting Unit in Enforcement Division
sec.gov
OpenAI used a recent webinar to demonstrate how its finance team is using AI to transform the finance function. But while the presentation emphasized faster workflows and new ways of working, attendees repeatedly submitted questions about governance that went unanswered during the Q&A.
OpenAI’s finance AI demo leaves governance questions unanswered
Questions about controls, auditability, security and data integrity dominated the webinar’s Q&A chat, while presenters focused on automation and productivity.
cfo.com
The M&A market has changed significantly over the past several years. Buyers are no longer simply purchasing a book of tax returns or applying a standard multiple to gross revenue. They are looking for durable, transferable cash flow and a business that can continue growing after the owner leaves.
The new rules of accounting firm valuation
The 'one-times-revenue' era is over. Today's buyers are paying for durable, transferable cash flow.
accountingtoday.com
Missouri voters rejected major Republican priorities on Tuesday as proposals to eliminate the income tax and change the way initiative petition majorities are counted lost by large margins across the state.
Missouri voters reject income tax phaseout, initiative petition changes • Missouri Independent
Missouri voters resoundingly rejected major Republican priorities on Tuesday as proposals to eliminate the income tax and change the way majorities are counted lost by large margins across the state.
missouriindependent.com
The IRS slashed the number of languages it supported from 20 to seven in response to an executive order from President Trump, according to a new report.
IRS reduced multilingual services after Trump order
The Internal Revenue Service slashed the number of languages it supported from 20 to seven in response to an executive order from President Trump.
accountingtoday.com
The IRS's overall improper payment rate on tax breaks like the Earned Income Tax Credit increased from 21.9% in fiscal year 2024 to 26.5% in FY 2025 and the total estimated improper payments amounted to approximately $28.1 billion, according to a new report.
IRS improper payments on tax credits increased last year
The IRS's overall improper payment rate on refundable tax breaks increased from 21.9% in 2024 to 26.5% in 2025, totaling about $28.1 billion.
accountingtoday.com
Outside organizations plan to file lawsuits this week challenging Maryland’s congressional redistricting referendum, U.S. Rep. Andy Harris told The Baltimore Sun on Tuesday.
Legal challenge to Maryland redistricting referendum planned, Rep. Harris says
The Maryland General Assembly approved a congressional redistricting referendum for November, but GOP says it plans to challenge it in court.
baltimoresun.com
The Department of the Treasury and the IRS are providing guidance on the employer credit for paid family and medical leave under the Working Families Tax Cuts.
Treasury, IRS Issue Guidance on the Permanent Expansion of Paid Family and Medical Leave under the Working Families Tax Cuts | Internal Revenue Service
IR-2026-86, Aug. 5, 2026 — The Department of the Treasury and the Internal Revenue Service (IRS) issued Notice 2026-28, providing guidance on the employer credit for paid family and medical leave (PFM...
irs.gov
Just 32% of U.S. companies plan to give across-the-board pay increases in 2027, compared to 36% this year, as more employers plan to use anticipated salary budget increases on merit raises, as well as on increases in promotions, cost-of-living adjustments, and salary structures.
Fewer companies plan ‘peanut-butter’ pay increases in 2027: Payscale
Giving everyone the same pay raise “can be demotivating to employees as everyone receives the same increase regardless of performance,” the report stated.
cfodive.com
Maryland’s Democratic lawmakers approved a change to the state constitution Tuesday that will give them more flexibility in drawing congressional districts. The constitutional amendment will now go to voters for approval in November’s general election.
Maryland lawmakers approve redistricting amendment that now heads to voters in November
Maryland’s Democratic lawmakers approved a change to the state constitution Tuesday that will give them more flexibility in drawing congressional districts.
thebanner.com
Maryland lawmakers passed a constitutional amendment on Tuesday that would make it easier for the legislature to redraw the state’s congressional map and shift the one Republican-held House seat to Democrats in the 2028 elections. www.nytimes.com/2026/08/04/u...
Maryland Lawmakers Back Amendment Giving Democrats 2028 Advantage
The measure, which will go before voters in November, would make it easier for Democrats to redraw congressional maps and possibly pick up one seat.
nytimes.com
The push to redraw Maryland's congressional maps cleared its first hurdle.
House, Senate pass constitutional amendment on redistricting
The Maryland General Assembly passes a constitutional amendment referendum on congressional redistricting.
wbaltv.com
New research reveals that while finance teams feel pressure to deploy AI agents as quickly as possible, governance, accountability, and internal controls are struggling to keep pace.
Avalara Survey: Finance Leaders are Racing to Deploy AI Agents Before Governance is Ready
Nine in 10 finance leaders say they are under pressure to prove AI ROI, while only 7% say their organizations prioritize governance over deployment speed DURHAM, N.C., July 21, 2026 /PRNewswire/...
newsroom.avalara.com
Fraudsters are mailing letters that direct cryptocurrency holders to a bogus “Digital Asset Compliance Portal” that mimics IRS.gov to collect personal information and digital asset credentials, the IRS said in a news release.
IRS warns crypto holders about fake compliance portal scam
The IRS said fraudsters are mailing letters that direct digital asset holders to a bogus “Digital Asset Compliance Portal” that mimics IRS.gov to collect personal information.
journalofaccountancy.com
CPA firms need professionals with an increasingly complex blend of technical accounting expertise, technology fluency, data skills, business judgment and the ability to advise clients—and those capabilities are increasingly difficult to find.
Beyond the Accountant Shortage: The Skills Shortage Facing CPA Firms
AICPA data shows that accounting enrollment at 4-year colleges and universities rose 8.9% in spring 2026, marking the third consecutive year of growth.
cpapracticeadvisor.com
Do auditing standards need an overhaul to respond to the threats posed and the opportunities created by AI?
It’s Time for the US Audit Board to Set Corporate AI Standards
Opinion: The Public Company Accounting Oversight Board needs to develop clear standards that respond to the threats posed and the opportunities created by AI.
news.bloombergtax.com
For typical buttoned-up CFOs who crave safety and security within their purview, it can’t be a great feeling to doubt whether they have a full handle on artificial intelligence oversight.
Most CFOs aren’t ‘very confident’ about their AI governance
While almost all large companies are using AI organization-wide, they still lack full trust in the technology, finds a new Deloitte survey.
cfo.com
The IRS has rarely attracted as much attention as it has this summer. Congressional investigations, criticism over taxpayer service and renewed debate over the complexity of the tax code have all landed within a matter of weeks. At the same time, new leadership has taken the reins at the agency.
Inside the IRS’ summer in the hot seat: Trial Balance
The tax agency has become a flashpoint in Washington as questions mount over taxpayer service, leadership, conflicts of interest and its long-term direction.
cfo.com
IBM said Thursday its research shows “quantum advantage” — a point at which quantum computers perform computations beyond conventional ones — and that these results can be rigorously validated.
IBM Claims New Era of ‘Quantum Advantage’
Big Blue is racing to show that its quantum computing business can be profitable following a historic stock tumble.
wsj.com
Maryland lawmakers are expected to come out of the special session that starts Monday with legislation asking voters to approve a constitutional amendment affecting the way the state draws its congressional district boundaries.
Lawmakers convene for what leaders hope is quick work on a redistricting bill - Maryland Matters
Maryland lawmakers meet in special session this week to take up legislation asking voters to approve a constitutional amendment changing the was congressional districts are drawn. It's expected to pas...
marylandmatters.org
The discussions around Manus have been driven by its perceived potential to streamline workflows, enhance creativity, and automate complex tasks. It has sparked discussions about its possible effects on various industries — accounting and finance included.
Part 1: Manus AI and the emergence of autonomous agents
The next phase of AI adoption centres not on generating information but on independently completing multistep tasks.
fm-magazine.com
After nearly 10 months of debate over congressional redistricting, the Maryland General Assembly will convene Monday for a special legislative session to consider a ballot question on the issue.
MD General Assembly special session begins Monday: What to know
The Maryland General Assembly convenes for a special legislative session on redistricting Monday. Here's what to know.
thedailyrecord.com
Rep. Lori Trahan, D-Mass., a member of the House Energy and Commerce Committee, is pushing for congressional hearings on artificial intelligence safety after leading AI developer Anthropic reported cybersecurity breaches caused by some of its models.
US lawmaker calls for AI hearings after Anthropic, OpenAI incidents
“We can’t run AI safety on the honor system,” said Rep. Lori Trahan, a Massachusetts Democrat who is pushing legislation to rein in AI developers.
cfodive.com
There are many signs the accounting talent shortage that helped spark CPA licensing reform has been easing as AI and outsourcing have enabled some finance teams to do more with less staff.
Is the accounting shortage over? It’s complicated
In an informal poll conducted by CFO Dive, 64% of the respondents indicated they were aware of a shortage in their industry while 29% said they were not.
cfodive.com
Following the markup of the Taxpayer Assistance and Service Act, the AICPA has expressed its support of the bipartisan legislation to improve tax administration and reduce the burdens on taxpayers and their preparers.
AICPA Signals Support for Taxpayer Assistance Legislation, Applauds Committee Approval of Bill That Includes Many AICPA Priorities
Following the markup of the Taxpayer Assistance and Service (TAS) Act, by the Senate Finance Committee, the AICPA has expressed its support of the bipartisan legislation to improve tax administration ...
aicpa-cima.com
Despite the destabilizing effects of the hostilities in the Middle East, economic confidence among global accountants and finance executives rose in the second quarter. Still, views remain in the doldrums after a dismal first quarter.
Accounting and finance pros hold dim view of global economic conditions
An uptick in confidence in the second quarter can’t disguise the overall dark mood.
cfo.com
The Financial Crimes Enforcement Network (FinCEN) should soon finalize its interim rule restricting beneficial ownership information (BOI) reporting requirements to foreign companies, the head of the agency told Congress.
FinCEN director expects final BOI reporting rule soon
The director of the Financial Crimes Enforcement Network told a congressional subcommittee that she’s “very optimistic” that the final rule will be issued before the end of the year.
journalofaccountancy.com
Accounting firms have a new kind of pipeline problem, and it's no longer about filling a shortage of entry-level roles — it's finding enough mid-level managers.
Accounting's missing middle
How firms are working to solve the latest iteration of the pipeline problem
accountingtoday.com
The Senate Finance Committee released a so-called "Chairman's Mark" of the Taxpayer Assistance and Service Act ahead of a markup hearing Thursday of a bipartisan bill that would add new requirements for the IRS as well as tax preparers.
Senate committee drafts wide-ranging tax administration bill
The sprawling bipartisan bill would add new requirements for the IRS as well as tax preparers, including continuing education for unlicensed preparers.
accountingtoday.com
The Financial Accounting Standards Board voted Wednesday to move ahead with making what it has called “targeted improvements” to its standards for the accounting treatment of goodwill.
FASB votes to tackle improving goodwill accounting
The board’s Wednesday decision to take on what one board member called a "hot topic" comes about four years after it dropped an earlier project on goodwill.
cfodive.com