JOHN REDDING

Serial CFO fueling rapid growth in tech platforms. Obsessed with tax strategy, crypto & DFS. Architect of scalable innovation. Ready to shape the future.

[JOHN REDDING @ca1_ras]

@Jason I’m in

[JOHN REDDING @ca1_ras]

https://t.co/hg2wXPq3qQ

[Mary Lundstedt, Esq. @mlundstedt1]

Taxplaining🎙️

⚠️ I’ve been in the sun and extreme heat all day 👀

#friedneurons

[JOHN REDDING @ca1_ras]

The revised text of the Senate’s version of the Big Beautiful Bill has been released. Businesses waiting on employee retention credit checks can breathe again. The ERC language is substantially the same as the House version. Although not as good as the original promise to those who kept employees on payroll a pretty good outcome all things considered.

[Mary Lundstedt, Esq. @mlundstedt1]

Billy Long confirmed — New IRS Commissioner

[JOHN REDDING @ca1_ras]

Senate Finance Committee just dropped their 549 page draft of the One Big Beautiful Bill. Taxpayers claiming ERC should (generally) be excited. The Senate version no longer has language to retroactively terminate ERC claims from Q2 2020 through Q2 2021. Q3 2021 & Q4 2021 claims filed after 1/31/2024 however will be retroactively terminated if the bill is passed. Likewise, the statute of limitations for IRS audits of Q3 2021 and Q4 2021 ERC claims will be extended to 6 years from the date the claim was made. Keep those ERC calculations and workpapers somewhere safe!

[JOHN REDDING @ca1_ras]

Included in the Senate's version of the One Big Beautiful Bill released today is a scaled-back section on the ERC program that focuses on IRC Section 3134 - i.e., claims related to Q3 and Q4 2021. This draft bill is way better for taxpayers than the House bill, but it's not terrific - especially if Q3 2021 was claimed after 1/31/2024.

https://t.co/WKF4l4lvh4

[JOHN REDDING @ca1_ras]

Event Announcement: https://t.co/ljq5W66Xcd has been invited to speak at the 2025 FSGA Summer Conference in Chicago on June 30. The company is rumored to have developed proprietary and patent pending technology to disrupt the DFS betting industry.

[JOHN REDDING @ca1_ras]

PrizePicks Named Official Daily Fantasy Sports Partner of Los Angeles Dodgers. https://t.co/NPDNs1COyt

[JOHN REDDING @ca1_ras]

Regulatory Update: Illinois and Maryland are pushing to expand DFS regulations, allowing players to compete against the house.

[JOHN REDDING @ca1_ras]

Welcome to the Daily Fantasy Sports (DFS) community. We are focused on curation, education, and current events. Need a DFS Primer?
https://t.co/LlAMaYCuQe

[JOHN REDDING @ca1_ras]

https://t.co/xEiDAUwOEH

[JOHN REDDING @ca1_ras]

https://t.co/xEiDAUwOEH

[Mary Lundstedt, Esq. @mlundstedt1]

#TIGTA: May 28th TIGTA released its Semiannual Report to Congress (10/1/2024-3/31/2025)

Taxplaining🎙️thoughts:

✅ Linked in comments 👇

🔴 On page 20, you can find TIGTA's 2 chosen #ERC examples of efforts to address external attempts to harm tax administration during the 6-month reporting period. And we applaud these efforts 👏

🔵 As for its "Vision"--𝘔𝘢𝘪𝘯𝘵𝘢𝘪𝘯 𝘢 𝘩𝘪𝘨𝘩𝘭𝘺 𝘴𝘬𝘪𝘭𝘭𝘦𝘥, 𝘱𝘳𝘰𝘢𝘤𝘵𝘪𝘷𝘦, 𝘢𝘯𝘥 𝘥𝘪𝘷𝘦𝘳𝘴𝘦 𝘐𝘯𝘴𝘱𝘦𝘤𝘵𝘰𝘳 𝘎𝘦𝘯𝘦𝘳𝘢𝘭 𝘰𝘳𝘨𝘢𝘯𝘪𝘻𝘢𝘵𝘪𝘰𝘯 𝘥𝘦𝘥𝘪𝘤𝘢𝘵𝘦𝘥 𝘵𝘰 𝘸𝘰𝘳𝘬𝘪𝘯𝘨 𝘪𝘯 𝘢 𝘤𝘰𝘭𝘭𝘢𝘣𝘰𝘳𝘢𝘵𝘪𝘷𝘦 𝘦𝘯𝘷𝘪𝘳𝘰𝘯𝘮𝘦𝘯𝘵 𝘸𝘪𝘵𝘩 𝘬𝘦𝘺 𝘴𝘵𝘢𝘬𝘦𝘩𝘰𝘭𝘥𝘦𝘳𝘴 𝘵𝘰 ⭐ 𝘧𝘰𝘴𝘵𝘦𝘳 𝘢𝘯𝘥 𝘱𝘳𝘰𝘮𝘰𝘵𝘦 𝘧𝘢𝘪𝘳 𝘵𝘢𝘹 𝘢𝘥𝘮𝘪𝘯𝘪𝘴𝘵𝘳𝘢𝘵𝘪𝘰𝘯.⭐ . . . #FAIL when it comes to protecting those eligible #employers who kept people employed during the pandemic and are now fighting the IRS for what Congress provided. Worse yet, #SHAMEFUL neglect of the harm to those small businesses that will be stripped of funds (and put at a competitive disadvantage) if the #OBBB passes with the retroactive ERC chop. ➡️Get new stakeholders, because there is nothing "fair" about this.⬅️

I've said enough for a Monday morning. 🍿

[Kevin O'Leary aka Mr. Wonderful @kevinolearytv]

I just read something INSANE this morning buried in a new bill, and I can’t believe more people aren’t talking about it.

They want to give the IRS new powers to audit small businesses for up to 9 YEARS over ERC claims. That is unprecedented. Most businesses are not even required to keep records that long... The ERC program saved millions of jobs during COVID. Was there some fraud? Sure, like in any government program. But 95% of these businesses played by the rules and are still standing today because of that support.

Now they want to go back and punish them? This is a WAR on small business. It is anti-growth, anti-entrepreneurship, and frankly, Anti-American.

[Mary Lundstedt, Esq. @mlundstedt1]

ERC 2 years prison

[JOHN REDDING @ca1_ras]

A silver lining for those folks working through collecting or defending ERC claims.

[Erin Slowey @SloweyErin]

IRS employees in Taxpayer Services, Information Technology, and the Taxpayer Advocate Service will be required to work through at least May 15, according to new email to employees

https://t.co/SW5s7Vzncp

[Billy Long @auctnr1]

Employee Retention Credit Claim Resolution Has No End in Sight https://t.co/DoBa6t63bB