Scarinci Hollenbeck

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James F. McDonough Scarinci Hollenbeck Attorney
James F. McDonoughis an attorney at Scarinci Hollenbeck business law firm in Lyndhurst, NJ
James F. McDonough
Counsel

James F. McDonough Bio:


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

New Treasury Regulations May Limit Transfer Tax Savings
Posted on Tuesday August 25, 2015

transfer tax savingsThe Treasury Department proposed new regulations that may impose limitations on transfer tax savings for corporate, partnership and limited liability company agreement provisions between family members. Proposed provisions for the transfer tax savings The proposed regulations may place limitations on the availability of discounts for lack of control and lack of marketability on ownership of […]

The post New Treasury Regulations May Limit Transfer Tax Savings appeared first on Tax, Trust, and Estate News.

No Business Deductions for Legal Medical Marijuana Dispensary
Posted on Thursday August 20, 2015

medical marijuanaLast week, the Ninth U.S. Circuit Court of Appeals ruled that medical marijuana dispensaries cannot claim business expenses to the IRS as other commercial enterprises. According to Forbes, the decision is considered a financial setback for medical marijuana dispensaries because, with business deductions being disallowed, they must pay taxes on 100 percent of their gross […]

The post No Business Deductions for Legal Medical Marijuana Dispensary appeared first on Tax, Trust, and Estate News.

Clinton Proposes Capital Gains Tax Increase
Posted on Thursday August 13, 2015

capital gains taxesPresidential contender, Hillary Clinton, announced a proposal for capital gains tax reform. In the plan, capital gains taxes will be increased for assets held for less than six years by top-bracket investors. The proposed capital gains tax increase As part of her proposal, the top-ranking tax rate will be 43.8 percent for assets held less […]

The post Clinton Proposes Capital Gains Tax Increase appeared first on Tax, Trust, and Estate News.

IRS to Eliminate Common ERISA Pension Plan De-risking Strategy
Posted on Friday August 07, 2015

de-risking strategyLast week, the Internal Revenue Service issued a notice to announce that it will prohibit a cash-out window for Employee Retirement Income Security Act pension plans. The amendment to the ERISA pension plan de-risking strategy will prevent lump sum payments in lieu of remaining annuity payments. The new ERISA de-risking strategy The IRS announced in Notice […]

The post IRS to Eliminate Common ERISA Pension Plan De-risking Strategy appeared first on Tax, Trust, and Estate News.

Voting With Your Feet: When Residents of A State Decide It Is Time To Leave
Posted on Wednesday July 29, 2015

I do not respond on the postings of persons who comment on the tax blog; however, one such post was brought to my attention and it is prescient and deserving of a response.I do not respond on the postings of persons who comment on the tax blog; however, one such post was brought to my attention and it is prescient and deserving of a response. The comment was written in response to our blog that described the impact of this state’s Inheritance Tax and Estate Tax upon […]

The post Voting With Your Feet: When Residents of A State Decide It Is Time To Leave 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

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