James F. McDonough
Counsel

About

James F. McDonough, Jr. concentrates on wealth preservation and estate planning for high net worth individuals, closely held business matters and ownership succession, estate administration and income tax planning. He worked for three years for the public accounting firm, then known as Touche Ross, where he obtained his license as a Certified Public Accountant in 1983. In 1984, he was employed as a tax attorney by Union Camp Corporation where he engaged in planning for corporate income deferred compensation, qualified plan and tax-free exchanges. In 1986, Mr. McDonough was employed as Tax Manager for Monroe Systems For Business, Inc. Thereafter, he was employed as a tax attorney for five years where he engaged in corporate and estate tax planning and estate administration and litigation.

Practices

















Education

Thomas Jefferson School of Law (L.L.M., 2006)

Georgetown University Law Center (M.L.T., 1988)

Seton Hall University School of Law (J.D., 1980)

Rutgers Graduate School of Management (M.B.A., 1984)

William & Mary, Williamsburg, Virginia (B.B.A., 1977)

Bar Admissions

New Jersey (1980)

New York (1988)

U.S. District Court District of New Jersey (1981)

U.S. Court of Appeals 3rd Circuit, 1981

U.S. Tax Court (1981)

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Blog

Fact Checking a Senator Bernie Sanders
Posted on Tuesday September 16, 2014

Bernie SandersUnlike other election years, in which social issues have tended to dominate the discourse, the upcoming election is largely focused around tax law - specifically corporate tax law. As a part of his campaign, independent Vermont Senator Bernie Sanders has been posting "memes" that include pictures of himself alongside memorable quotes. This one in particular, which […]

The post Fact Checking a Senator Bernie Sanders appeared first on Tax, Trust, and Estate News.

Delaware Legislates On Digital Assets In Estate Planning
Posted on Wednesday September 10, 2014

Digital AssetsOne aspect that has confounded the estate planning world in recent years is the inheritance of digital assets. While many of these assets usually hold only sentimental value - like social media profiles, email addresses, etc. - some can be extremely valuable. Now that so much of our financial life can be conducted online, via […]

The post Delaware Legislates On Digital Assets In Estate Planning appeared first on Tax, Trust, and Estate News.

Burger King Eyes Canadian Inversion
Posted on Wednesday September 03, 2014

inversionAmid all of the recent news coverage of American multinational corporations inverting to redomicile in distant foreign countries, a massive deal is going down just next door.  Burger King announced this morning that it reached a deal with Canadian fast food restaurant Tim Hortons, which primarily serves breakfast fare. If the proposed merger were to […]

The post Burger King Eyes Canadian Inversion appeared first on Tax, Trust, and Estate News.

IMF: Japan May Be Unable To Afford Its Corporate Tax Cuts
Posted on Thursday August 28, 2014

JapanIn an International Monetary Fund Working Paper published recently, Ruud De Mooij and Ikuo Saito discussed the effects of the Japanese government's upcoming corporate tax cut. The current Japanese tax on corporate income is 35 percent - on par with the American tax. After the cut, Japan's rate will be reduced to 30 percent, leaving […]

The post IMF: Japan May Be Unable To Afford Its Corporate Tax Cuts appeared first on Tax, Trust, and Estate News.

Will Stepping-Up The Basis of Assets Become More Important Than Avoiding Estate Tax?
Posted on Monday August 25, 2014

basis of assetsTrends come and go and taxation is no different. The change in 2001 to raise the estate tax exemption, now $5,340,000, and to lower the top estate tax rate, now 40%, shifted the emphasis in estate tax planning. The combined estates of most American couples will remain below $10,680,000, so estate tax is no longer […]

The post Will Stepping-Up The Basis of Assets Become More Important Than Avoiding Estate Tax? appeared first on Tax, Trust, and Estate News.

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Affiliations

ABA, Tax, Real Property, Trust and Probate Sections, 1981 - Present

NJSBA, 1981 - Present

AICPA, 1981 – Present

NJSCPA, 1981 – Present )

International Compliance Association

International Fiscal Association (IFA)

International Tax Institute (ITI)

International Tax Planning Associate (ITPA)

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Videos

Mitt Romney's Tax Return Strategies can be used for your own Personal Wealth Building

Mitt & Ann Romney recently released their individual income tax returns. Frank Brunetti and James McDonough, Tax Lawyers with the Firm Scarinci Hollenbeck in...

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