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!

edlloydcpa
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:

HOW ED LLOYD & ASSOCIATES HELPS IN TAX DEDUCTION?

BENEFITS OF CONTRACTING ED LLOYD AND ASSOCIATES


 

 

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:

TAX PLANNING WITH BEST LAW FIRM

GET THE CERTIFIED TAX COACH CHARLOTTE


 

 

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:

BENEFITS OF CONTRACTING ED LLOYD AND ASSOCIATES

ED LLOYD CPA – GET THE CERTIFIED TAX COACH CHARLOTTE


Manage your Business with Ed Lloyd & Associates

edlloydcpa

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:

REASONS WHY YOU NEED TO PARTNER WITH ED LLOYD AND ASSOCIATES PLLC

IMPORTANCE OF PROFESSIONAL ACCOUNTING AND TAX PLANNING SERVICES


 

edlloydcpa

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.


Related Links:

HOW ED LLOYD & ASSOCIATES HELPS IN TAX DEDUCTION?

HOW TO SETTLE DEBT WITHOUT HASSLES WITH ED LLOYD CPA?


 

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.

edlloydcpa

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.


Related Links:

INSTILL STRENGTH IN YOUR BUSINESS BY PARTNERING WITH ED LLOYD & ASSOCIATES PLLC IN THE UNITED STATES

HOW TO STAY PREPARED FOR THE TAX SEASON? EXPLAINS ED LLOYD & ASSOCIATES PLLC


 

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.


Related Links:

LEADING PROVIDERS OF ACCOUNTING AND TAX PLANNING SERVICES IN THE UNITED STATES- ED LLOYD & ASSOCIATES PLLC

HOW TO STAY PREPARED FOR THE TAX SEASON? EXPLAINS ED LLOYD & ASSOCIATES PLLC


 

Ed Lloyd & Associates PLLC is a trusted, reputed and leading firm offering top-notch accounting and tax planning services in the United States.  It is considered as one of the trusted sources from where businesses and corporations can seek expert financial services effectively.  The quality accounting and tax planning services delivered by  Ed Lloyd CPA go far in saving your hard earned money and giving your business a competitive edge.

edlloydcpa

There are various benefits that you can expect after trusting your accounting and tax planning needs with Ed Lloyd & Associates.  The owner of the company, Ed Lloyd is a certified public accountant, personal financial specialist and certified tax coach himself. He has a team of trusted, credible and experienced professionals who,  after understanding the needs of your business would suggest you various options to choose from that can enhance the efficiency of your business.

Ed Lloyd CPA, PFS, CTC – Certified Tax Coach go an extra mile to understand the needs of the business and deliver quality services each and every time. He believes in complete customer satisfaction and does not stop making efforts unless he has satisfied the business client.  He , along with his team has served a number of business clients who can speak for the professionalism and expertise of the professionals.  If you are troubled over the unstable financial status of your business, then contact the highly skilled professionals of Ed Lloyd CPA and they would be more than pleased to deliver you quality services fulfilling the needs of your business effectively.


Related Links:

KEEP A FINGER ON THE PULSE OF YOUR OFFICIAL ACCOUNTS WITH ED LLOYD AND ASSOCIATES PLLC

TRUST YOUR FINANCIAL NEEDS WITH ED LLOYD CPA FOR SUPERIOR BUSINESS FUNCTIONING