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

Everyone Has An Opinion On Estate Tax Reform
Posted on Monday May 04, 2015

Currently, just about everyone has an opinion on estate tax reform.Currently, just about everyone has an opinion on estate tax reform. A proposal to permanently repeal the federal estate tax has obtained approval in the U.S. House of Representatives, but there are many - including lawmakers, policy analysts and various kinds of experts - who have spoken their opinion on estate tax reform. Opponents of […]

The post Everyone Has An Opinion On Estate Tax Reform appeared first on Tax, Trust, and Estate News.

Some Differences In Tax Planning Between Jurisdictions
Posted on Friday May 01, 2015

Despite a common language, there are differences in tax planning when it comes to the United Kingdom (UK) and the United States (US).Despite a common language, there are differences in tax planning when it comes to the United Kingdom (UK) and the United States (US). The differences in tax planning are the direct result of a trends or a structural changes in tax law. Clearly, the trend is against the accumulation of wealth inside of trusts. Trusts […]

The post Some Differences In Tax Planning Between Jurisdictions appeared first on Tax, Trust, and Estate News.

Creating Effective Tax Reform Will Be Difficult
Posted on Wednesday April 29, 2015

Generating effective tax reform in Washington will likely be difficult, as both the tax code - and the tax base - are complex.Generating effective tax reform in Washington will likely be difficult, as both the tax code - and the tax base - are complex. While many advocate lowering corporate income tax rates, a wide range of businesses have sharply reduced their tax liabilities either by not repatriating their active income earned overseas or by harnessing tax […]

The post Creating Effective Tax Reform Will Be Difficult appeared first on Tax, Trust, and Estate News.

Tax Reform Is An Urgent Issue In The U.S.
Posted on Thursday April 16, 2015

Washington is in urgent need of tax reform, and as a result, lawmakers should seriously consider improving the current system, writer Nick Novak emphasized in a recent Washington Times article.Washington is in urgent need of tax reform, and as a result, lawmakers should seriously consider improving the current system, writer Nick Novak emphasized in a recent Washington Times article. Urgent need for reform Novak, director of communications for think tank the John K. MacIver Institute for Public Policy and contributor for the Washington Times, pointed […]

The post Tax Reform Is An Urgent Issue In The U.S. appeared first on Tax, Trust, and Estate News.

The Accidental American
Posted on Monday March 30, 2015

The imposition of penalties asserted against holders of undeclared offshore accounts has received much attention. Coupled with criminal prosecutions, including foreign banks, such as Credit Suisse and two of its bankers, should convince American citizens of the importance of compliance.The imposition of penalties asserted against holders of undeclared offshore accounts has received much attention. Coupled with criminal prosecutions, including foreign banks, such as Credit Suisse and two of its bankers, should convince American citizens of the importance of compliance. The compliance obligation also applies to resident aliens and this is not surprising. The untold […]

The post The Accidental American 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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