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

Warren Buffet Still Wants Higher Taxes
Posted on Tuesday October 21, 2014

By SevaCall (Own work) [Public domain], via Wikimedia CommonsThe 'Oracle of Omaha,' billionaire investor Warren Buffet, is still touting the importance of higher taxes. Buffet said Oct. 6 that the recent White House action to limit tax inversions - in which companies shift their headquarters outside the U.S. to lower their tax bills - provides a good "time out" for the government to work on a […]

The post Warren Buffet Still Wants Higher Taxes appeared first on Tax, Trust, and Estate News.

Estate Wins Legal Victory Over Art
Posted on Thursday October 16, 2014

artEstate tax is often a confusing and difficult field in normal circumstances, but things can really get complicated when an estate's holdings are unusual. One of those unusual holdings is art, which is notoriously difficult to value. A recent ruling by the Fifth Circuit Court may serve to clarify the way that art can be […]

The post Estate Wins Legal Victory Over Art appeared first on Tax, Trust, and Estate News.

Inherited IRAs Are No Longer Absolutely Safe From Bankruptcy Claims
Posted on Wednesday October 08, 2014

Inherited IRAThe U.S. Supreme Court decided that inherited Individual Retirement Accounts (IRAs) do not qualify as retirement funds and are not exempt from claims of creditors under the Bankruptcy Code §522(b)(3)(C). The Supreme Court resorted to the plain meaning of the words and held that retirement funds are sums of money set aside for an individual […]

The post Inherited IRAs Are No Longer Absolutely Safe From Bankruptcy Claims appeared first on Tax, Trust, and Estate News.

Bill Clinton Discusses Corporate Taxation
Posted on Wednesday October 01, 2014

Bill ClintonDuring an interview with CNBC, former President Bill Clinton discussed corporate taxation and the controversial practice of "inverting," a tax move that involves merging with a company in a low-tax country to obtain foreign tax status. Taking a stance that has been frequently espoused by conservative politicians, Clinton told CNBC's Becky Quick that the U.S.'s […]

The post Bill Clinton Discusses Corporate Taxation appeared first on Tax, Trust, and Estate News.

Tax Foundation Ranks US Tax Code 31 Out of 34 Developed Nations
Posted on Tuesday September 23, 2014

tax codeThe Tax Foundation, a think tank that examines issues of public tax policy, released a new report ranking the tax codes of the 34 developed countries in the Organization for Economic Cooperation and Development. The U.S. was ranked poorly, coming in at number 31 out of 34, according to Business Insider. Estonia, New Zealand and […]

The post Tax Foundation Ranks US Tax Code 31 Out of 34 Developed Nations 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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