Matt Bissonnette grew up in a dinky flyspeck of a town off the Alaskan coast that you can’t get to without a boat or a plane. He ultimately escaped to join SEAL Team Six, the Navy’s most elite counterterrorism force. He took part in the 2009 mission to rescue Captain Mark Phillips from Somali pirates, a story which was told in the movie Captain Phillips. But that was just a warmup for his biggest mission: “Project Neptune Spear,” the 2011 raid that killed Osama Bin Laden.

In 2012, Bissonnette wrote a memoir called No Easy Day: The Firsthand Account of the Mission That Killed Osama Bin Laden. It earned him $6.7 million in royalties, which he planned to donate to the families of fallen SEALs. It also launched a lucrative second career as a public speaker. Unfortunately, Bissonnette broke the Pentagon rule requiring him to submit it for vetting before publishing. The day after the book landed on shelves, officials said it revealed classified information, a breach that could subject him to years in prison.

Last month, Bissonnette settled the dispute and agreed to pay back every dime of royalties, plus another $100,000 in speaking fees he earned before they approved the slides he uses in his presentations. Question: can he now deduct that payment from his taxes going forward?

Code Section 162(f) seems to shoot down any tax benefit. “No deduction shall be allowed . . . for any fine or similar penalty paid to a government for the violation of any law.” But what about payments made to settle a dispute before a fine or penalty is imposed? Treasury regulations state that payments made to settle that sort of potential liability aren’t deductible. But the regulations also state that compensatory damages do not qualify as fines or penalties.

So, that’s the $6.7 million question. Does Bissonnette’s payment serve to compensate the government for the damage his book caused? If so, then he gets his deduction. Or does it merely settle his potential liability for civil or criminal fines or penalties — in a way that benefits both the government and him by avoiding the time, expense, and potential public disclosures involved in a trial? In that case, no dice.

Bissonnette isn’t the only celebrity who may miss out on a fat tax deduction for a big gesture. Actress Amber Heard recently finalized her divorce from Johnny Depp with a $7 million lump sum payment, then announced she’s giving it all to charity. But she probably won’t get the deduction you’d expect. That’s because you can only deduct up to 50% of your adjusted gross income in any year (and carry any remaining balance forward five years). Ouch! Bet she didn’t see that coming!

Now, there are two ways Depp and Heard might be treating that $7 million. It could be a transfer between spouses, incident to the divorce. In that case, it’s nondeductible to Depp and tax-free to Heard. (Too bad her financial disclosures show she doesn’t have nearly enough income to take advantage of the full deduction.) Or it might be alimony, deductible to him and taxable to her. In that case, she’ll still owe tax on the 50% of her donation that she can’t deduct this year.

Here’s the lesson. Sometimes pricey things happen, and we console ourselves by saying “at least I get a tax deduction.” But that’s not always true, and it’s rare that value of the tax deduction is enough to compensate for the loss that creates it. So contact Ed Lloyd with Ed Lloyd & Associates before your next big transaction and make sure it serves you best!

Ed Lloyd CPA is a Certified Public Accountant, Personal Financial Specialist and Certified Tax Coach. His firm Ed Lloyd and Associates, PLLC workers six experts committed to giving proactive wanting to their customers.

Charge arranging thoughts are actualized by the Firm to guarantee the new expense investment funds are taken care of effectively. All customers start with a duty arrangement session to reveal missed open doors. The normal customer sees $50,000 in assessment lessening on a yearly premise, making our administrations a speculation not another cost. There are five distinctive assessment arranging administrations accessible to address the issues of customers with respect to structure, development, riches administration, charge lessening and leave periods of their organizations. To know more you can visit Ed Lloyd & Associates, PLLC official account on LinkedIn.

Aside from duty administrations which incorporate bookkeeping administrations, budgetary execution survey, government form, charge making arrangements for people and organizations, evaluating, determining issues of finance assessment, and so forth., the firm gives extensive variety of business administrations also. It causes in get ready everyday records, accounting, helping with the best bookkeeping programming to buy and even guide the business how to utilize it. They additionally give in development administrations, confirmation administrations, business valuation, and significantly more.

Ed Lloyd CPA at Ed Lloyd & Associates, PLLC: The secret to a smooth tax season  bargains in verging on each industry and business sort, however they exceed expectations in medicinal services, land, development and temporary worker industry organizations, proficient administrations, establishments and family possessed organizations.

Related Links:





Ed Lloyd & Associates, PLLC

Ed Lloyd & Associates is a booming Charlotte based Certified community Accountant, commonly known as CPA. The business represents imposing practical experience in designing different kinds of tax saving methodologies planned to save your hard make dollars from the shackles of tax limits. They are the leaders in the business and treat every client on a priority basis. They show to their clients different smart industry standards to legally report their costs of doing business while considerably decreasing the audit risks. Hiring Ed Lloyd & Associates the best decision for your firm, Not just this, they also offer a sharp exit strategy for your business and upgrade your retirement alternative amazingly. The unusual assessment systems adopted by them have assisted organizations in Charlotte, NC and all throughout the United States, by support them in managing their operating cost responsibly.

They are a Charlotte firm that offer plans for business holder all over the US to develop their industry and cut their profits taxes. To develop your business, you require a plan. To minimize your taxes, you require a plan. You require concepts and strategies that leave more on your baseline. Lloyd & Associates has the resources to turn your plans into actuality. You could see Ed Lloyd And Associates, PLLC presentations on SlideShare.

- Positive support during the year for your business consult, tax reduction and research needs.
– Tax reduction that makes their services an investment, not a cost.

Related Links:





Ed Lloyd & Associates, PLLC

It is not easy to understand how the economy works. Most people do not know the rules of taxation and how money can be saved. That’s the reason why people have hard time managing their finances even after earning a decent amount of money. The problem can be solved by hiring a financial advisor. With the help of such an expert, you will be able to reduce your tax, keep a record of the accounts, make the right investment decisions and a lot more. But you can do all this only if you find the right expert, which is not very easy. There are so many firms and individuals in this field. You cannot meet with all of them to figure out which one would be good for you. The easy way is to just hire Ed Lloyd & Associates PLLC: One of the best Financial Advisors in Charlotte.

Ed Lloyd is a certified public accountant (CPA) from the North Carolina State Board of Examiners. Besides that, he is also a personal financial specialist (PFS) and a certified tax coach (CTC). He did his degree of B.S. in accounting and in 1994 established his own firm. He serves as the managing director of his firm, but still keeps an eye on the accounts of every client. All the professionals at this firm are really good at what they do. If you are facing any problem with financials, contact Ed Lloyd CPA at Ed Lloyd & Associates, PLLC: the secret to a smooth tax season.

Related Links:



The World Bank describes a Financial Management Information System as the robotization of cash related operations. Computerization is proficient through the usage of cash related accounting applications and database organization systems. The usage of FMIS applications is proposed to improve the recording of events, treatment of trades and reporting of cash related information in your business.

Tax strategiesThe Ed Lloyd And Associates, PLLC application gives lucky, precise, reliable and obvious information that surge your decision making strategy. It gives advanced money related reporting and decision making approach for evaluating the advantages or shortcomings of you’re operational and indispensable approaches to manage business. This decreases insecurities that may crash your execution of discriminating business decisions. Do you still have doubt why hire Ed Lloyd CPA?

Utilization of Ed Lloyd And Associates updates you’re occupying and suspecting breaking point. This enables you to allocate your money related resources suitably and set sensible execution targets. Limit the degree of your courses of action to your cash related resource limits. The sensible organizing breaking point moreover revives the achievement of your goals within the fancied time period.

You stay to fulfill more critical viability in money related operations and reporting systems when using FMIS applications. These systems dive in the controls you need to take out misuse of cash related resources, furthermore the balance measures you use to guarantee your business against the occasion of expected and unexpected threats. The control measures also give the recorded evidence of execution you need to deal with the present and future activities of the business. Investigators similarly use this true affirmation to evaluate the headway of your business.

Ed lloyd & partners pllc an exceedingly presumed and recognized bookkeeping firm in the united states gives you with a framework to organizing valuable systems and cash related resources in your business. This animates the planning of trades and development of financial information, despite discarding duplicate activities and commitments along the affiliation’s progressive system of initiative. Systems joining furthermore gives you more important impact to uniting shared organizations keeping in mind the end goal to diminish operational costs associated with running different operational units for the common organizations. The allocation of FMIS applications raises the high ground of the business. In all actuality, the key estimation of information advancement is discriminating in the movement of purchaser steadfastness and improvement of benefit.

Related Links:





Everybody has the influence and potential to win a ton of cash and everybody is going to acquire a considerable measure of cash through the span of time yet it is not going to advantage. Individuals will need to ace the craft of sparing and putting resources into request to procure a superior life out of it. The world is going to change for better and individuals from around the globe are mastering the craft of venture. This is going to change the world for better, organizations will have the capacity to see new statures and it will be an aggregate pivot experience for them.

It is essential for you to secure your kids. It is the folks’ obligation to ensure the kids fiscally or legitimately regardless, says Ed Lloyd & Associates PLLC , a main expense and law office in the United States. The CEO of the firm, Ed Lloyd weights on this point and says that shockingly numerous folks are not mindful about these perspectives.

Why Tax Planning Is So Important? Clarifies Ed Lloyd & Associates PLLC and it is going to give you the imperative comprehension about the contemporary world and you will have the capacity to accomplish more and take in more. It is essential for you to be socially dynamic to take in these aptitudes and contribute legitimately. Ed Lloyd & Associates PLLC-A Highly Reliable and Assured Accounting Firm in the United States is going to help you in procuring all the essential offer and all the fortified papers, life is going to pivot for better and it will be fun witness it.

Extra security is one of the vital steps that you can take for your youngsters. This can secure them in their future, if something transpires later on. As indicated by the Ed Lloyd & Associates PLLC ,on the off chance that you don’t do this, you are calling without a doubt shot inconvenience later on. Till the time your youngsters turn out to be monetarily free, they are absolutely reliant upon you and they are your obligation.

Related Links:




It is very important for you to protect your children. It is the responsibility of the parents to protect the children financially or legally in any case, says Ed Lloyd & Associates PLLC – one stop shop to address all your Finance related needs. The CEO of the firm, Ed Lloyd stresses on this point and says that unfortunately many parents are not aware about these aspects.

Life insurance is one of the important steps that you can take for your children. This can secure them in their future, if something happens to you in the future. According to the Ed Lloyd & Associates PLLC ,if you do not do this, you are calling for sure shot trouble in the future. Till the time your children become financially independent, they are totally dependent upon you and they are your responsibility.

Term life insurance is a good choice for you and this enables you to purchase coverage for a particular number of years. This insurance is considered as one of the most affordable type of life insurance.

Ed Lloyd & Associates PLLC says that updating yourself legally is also very important along with being financially secure for your children. You can take the help of a financial adviser as well. He or she is the person who can help you determine your financial goals. He or she will also tell you about the total amount of coverage that you may need in your future.

The financial adviser can also advise about the home stay insurance, if one of the parents is staying at home and the other is working. Even if you become disabled, you can also get the disability insurance that is deducted from the part of your salary, says Ed Lloyd & Associates PLLC. Health is very important for you and your children and it is well required in the US to choose a good health plan. It can easily help you to acquire maternity coverage as well. The parents should always have an emergency savings for their family and children.

Related Links:




Welcome to Ed Lloyd & Associates, PLLC

Understanding the laws of the contemporary world and after that beginning, a business will be a straining undertaking, you will be obliged to contract somebody who can get the best of chances for your business while taking fitting consideration of the various issues identified by law and court. There are tremendous probabilities of effective in the event that you are buckling down and keeping by every one of the laws. Charge specialists and bookkeepers have made it simpler for the world to make the best utilization of the time and tide and see that they are proceeding with the strategies for success.

Ed Lloyd CPA at Ed Lloyd & Associates, PLLC: The key to a smooth duty season is essential for your contemporary business, they are going to handle every one of your records and will let you know the amount of benefit your organization is gaining for you. They will be truly committed and genuine for your business and will verify that each penny is legitimately numbered. Your business will get progressing nicely with a moral individual taking care of your records.

Ed Lloyd & Associates-A Top-Rated Firm That Helps You With Your Accounting Needs that will unravel all your business needs and it will guarantee fitting advancement of your business. You are going to cherish the thought of working with somebody who has been there and done that. It is a standout amongst the most stunning encounters for you, so advance beyond the undertaking and do it without anyone’s help.

Related Links:



Manage your Business with Ed Lloyd & Associates


Like many other important aspects of the business, accounting and tax planning form the important ones. It is crucial for you as a business owner to update your books and accounts in a timely manner so as to reach to informed decisions. One such trusted name with whom you can reckon with your accounting and tax planning needs is the Ed Lloyd. He is a great personality who is known for his expertise in the field. He is one of the most efficient CPAs and is highly recommended for his top-notch services in the United States.

Ed Lloyd CPA, PFS, CTC – Certified Tax Coach is a very trustworthy CPA and furthermore a specialist tax planner hailing from Charlotte region. In Addition to his work for famous firms, he likewise offers services to people who need help with bookkeeping and tax planning. He has been delivering exceptional accounting and tax planning services to the businesses and individuals from last many years.

The team at Ed Lloyd and Associates, PLLC -A Top Rated Firm is highly skilled, knowledgeable and passionate. They are well-versed with the nuances of tax planning and accounting and know what is to be done in order to secure your financial standing of the company. No matter whether you are looking for someone who can manage your daily accounts, or in quest of someone who can help you in auditing and tax planning, they can help you out with almost everything.

Related Links: