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!

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.

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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.

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Accurate, updated and reliable financial information is required to know the exact financial status of a company.  In the case of any discrepancies, you may reach to uninformed decisions. Therefore, hiring the professional accounting and tax planning services can prove out to be a wise decision. To help the business owners manage and update their financial accounts in a timely manner, there comes the need of Ed Lloyd and Associates PLLC into play.  It is a firm based in Charlotte, the United States that has been addressing the financial requirements of the leading companies and organizations in the United States from last many years.


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Why Professional Accounting and Tax planning are Needed?

Tax strategies

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 & Associates is a highly respected name in the field of accounting and tax planning. It is based out of Charlotte, United States, and is considered as one of the best sources to obtain top-notch accounting and tax planning services at a reasonable cost.

The services offered by Ed Lloyd & Associates go a long way in providing the business owners with a clear picture about their expenditure that can assist them in making informed decisions about the future. These services additionally help the clients arrange their workforce better and provide them with a detailed analysis of the record keeping issues and data maintenance.


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Easy correspondence, careful analysis, and efficient management are some of the qualities of the talented team of Ed Lloyd & Associates that ranks it high in the business of accounting and tax planning. They have years of experience in the field and are known for their professionalism and knowledge.

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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 →

Ed Lloyd & Associates, PLLC is a tax expert firm providing its services in accounting and development of business. Established in 1994, the managing director of the firm is Ed Lloyd, who personally understands the needs of his clients in different situations. He holds a degree of B.S in Accounting. Other than this, he has a license as a Certified Public Accountant (CPA) from the North Carolina State Board of Examiners, Personal Financial Specialist (PFS) from the American Institute of Certified Public Accountants and Certified Tax Coach (CTC).


The firm expertise in designing tax strategies to help you minimize your tax. The highly talented professionals at Ed Lloyd CPA make proactive plans for reducing tax. They also assist in accounting services and preparation of tax. Read More →