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!

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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.


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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.


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Ed Lloyd & Associates is a firm that specializes in delivering quality accounting and tax planning services in the United States. Accounting and tax planning are specific fields and one needs outstanding knowledge and acquaintance to make a mark in these disciplines. Ed Lloyd is a spotless name in these fields and is a Certified Public Accountant (CPA) who is completely qualified to practice in the Charlotte region.

With years of experience in the field, Ed Lloyd CPA, PFS, CTC – Certified Tax Coach has gained immense knowledge and expertise to pass on meticulous services in the field of accounting and tax planning. No matter whether you are a small business, a mid-sized or a large organization, he is capable of surpassing the expectations of the business clients each and every time.

The professionals of Ed Lloyd & Associates- Charlotte CPA Firm take the time to know the processing of your business.  After knowing the financial status of your company, they could guide you in the best decisions to make to ensure your company to be financially stable. They are extremely efficient in their jobs and offers quality accounting and tax planning services to small as well as large scale companies and also individuals.

Ed Lloyd & Associates are your best partners who would not walk off at the toughest phase of your life. But, will provide you exceptional services that will improve the functioning of your business and enhance productivity and processing of your business. If you want your business to get a wide exposure, then make no delays and immediately contact the professionals of Ed Lloyd & Associates.


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Ed Lloyd CPA is a shining name in the field of accounting and is a Certified Public Accountant (CPA) who is completely qualified to practice in the United States. Ed Lloyd brings his years of rich experience and complete learning about the field of accounting and tax planning. He has cemented his place strong in the business and is trusted by a substantial number of clients for his remarkable approach with which he is able to provide them with the best accounting and tax planning solutions.

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America’s Tax Coach with Ed Lloyd CPA, own a company Ed Lloyd & Associates PLLC. It is a leading and reputed company which is known for passing on meticulous accounting and tax planning services in the United States and beyond. Ed Lloyd is a man who is trusted by enormous businesses for acquiring dependable and flawless services for accounting and tax planning. He follows high work standards and his approach is extremely transparent.

Ed Lloyd, taking advantage of his years of experience and knowledge is able to provide his clients a wide range of accounting and tax planning services that go a long way in strengthening the foundation of your business. He pays adequate attention to the needs of clients so that they are able to improve the functioning and performance of their business. You do not need to worry when you know a highly skilled professional is there to assist you with the various services. Therefore, review our highly skilled professionals of Ed Lloyd & Associates, PLLC – Charlotte, NC now and take your business to the next level.


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Solution to all your Accounting Needs

Ed Lloyd & Associates is considered as a one-stop solution provider to all your accounting needs. It is a Charlotte-based firm delivering accounting and tax planning services to the business and organizations. It has a team of some highly competent, qualified and experienced accountants that can help you advance the performance of your business. After cautiously assessing the requirements of your company, they would come up with a grand plan that would help you calculate costs incurred expertly. You may also rely upon the team Ed Lloyd CPA and Associates to get an expert advice on how to make sound financial investments.

The team at Ed Lloyd & Associates goes an extra mile to understand the requirements of your business. They are the leaders in the field of accounting and are resolved to pass on exceptional services each and every time. Happy business clients have regularly reported that they are the BEST service providers in the region.

Trusting your accounting needs with Ed Lloyd & Associates is one of the wisest decisions that you are going to make in your life. They will not only give your business a competitive edge, but will also outshine your competitors. There are numerous benefits of trusting your accounting needs with Ed Lloyd CPA. You can enhance the efficiency of your business with the help of Ed Lloyd CPA. Contact him now and boost up the performance of your business. They offer much more than it could be put into words. Get in touch with them now to know more.


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Why Professional Accounting and Tax planning are Needed?

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Professional accounting and tax planning services go a long way in establishing the strong foundation of your business. These services not only give you a clear picture of the financial status of your company but also help you to reach to informed decisions. Most of the business owners make a mistake of assigning the responsibility of updating accounts and books to the inexperienced internal sources of the company. Maintaining accounts include lots more than calculations and getting accurate results. It lets you know the current financial status of your company.

Ed Lloyd and Associates PLLC is a trusted, reputed and leading firm based in Charlotte, the United States that provides exceptional accounting and tax planning services. The team at Ed Lloyd and Associates PLLC is highly knowledgeable, skilled and experienced. They are well versed with the basic principles of accounting and tax planning and can provide you top notch services meeting the highest grades of quality.

The team at Ed Lloyd CPA enjoys a long-standing reputation in the locale. Happy business clients have regularly reported that they are the best accounting service providers in the region. You may also depend upon the accounting professionals of the Ed Lloyd and Associates to seek expert guidance on how to make their investments profitable. You can reach to informed decisions and work to enhance the productivity and profitability of your business when you know experts of Ed Lloyd and Associates are there to help you out.


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ED LLOYD AND ASSOCIATES PLLC – WHY HIRE PROFESSIONAL ACCOUNTANTS?


 

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Whether you are in a small business or a large business, it is important for you to plan your taxes, says Ed Lloyd & Associates, a major service provider of all your tax services. There are a number of accounting services in an organization like:

  • Monthly Financial Statements
  • Security of financial information
  • Bookkeeping
  • Planning of business, and much more

To accomplish the above services, there is a strong need for accountant sin an organization. Accounting cannot be handled by everyone and according to Ed Lloyd, the organization should outsource its accounting services in order to make the business more successful. The owner of the business can spend more time towards the success of the business and can also give more time to the core functions of the organization. Accounting needs perfection and it can only be done by the professionals, like Ed Lloyd & Associates.

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A lot of individuals and businesses around the world spend a lot on taxes, out of which a lot can be saved. This money literally goes out of your hand because of not knowing a certain handful of facts and rules. But thanks to the expert services put forward by Ed Lloyd & Associates PLLC  individuals and businesses can now save a lot on their yearly taxes. The firm put forwards a few of the best tips and tricks that will help you save a bulk of money from taxes, which can be invested to make further profit, or used in a number of different ways. Read More →