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

Walmart Has Billions In Overseas Tax Havens. Time For International Tax Reform?
Posted on Tuesday July 21, 2015

Ac cording to a Forbes report last week, Walmart has $76 billion in foreign tax havens.According to a Forbes report last week, Walmart has $76 billion in foreign tax havens. The report claimed that the world's largest retail chain has 78 subsidiaries in 15 overseas tax havens where the company has no store locations. Walmart's hidden assets The report claimed that Walmart is effectively avoiding U.S. corporate taxes on overseas […]

The post Walmart Has Billions In Overseas Tax Havens. Time For International Tax Reform? appeared first on Tax, Trust, and Estate News.

What You Need to Know About the Gift Tax Exclusion & How to Potentially Avoid it
Posted on Wednesday July 15, 2015

gift tax exclusionCurrently, the gift tax exclusion threshold is $14,000, but most high net worth individuals will probably never pay the tax, according to the Motley Fool. This is due to the fact that even if individuals exceed the $14,000 limit, they will most likely only need to file a gift tax return and apply part of […]

The post What You Need to Know About the Gift Tax Exclusion & How to Potentially Avoid it appeared first on Tax, Trust, and Estate News.

NJ State Senator Calls for Income Tax Hike and Estate Tax Cut – What it Means to You
Posted on Wednesday July 01, 2015

EstateThe recent tax reform proposal from New Jersey State Senator, Raymond Lesniak, would create an income tax hike for residents over $350,000, but would also remove the estate tax. According to the NJ Spotlight, the plan is estimated to generate more than $850 million in tax revenue, enabling the state to pay down its $83 billion unfunded […]

The post NJ State Senator Calls for Income Tax Hike and Estate Tax Cut – What it Means to You appeared first on Tax, Trust, and Estate News.

Need To Know About Estate Tax Portability? We Can Help
Posted on Tuesday June 23, 2015

Last week the IRS announced its final rules on the estate tax portability of the deceased spousal unused exclusion (DSUE) amount, which clarifies that portability is only granted to executors if the gross value of the estate is below $5.4 million.Last week, the IRS announced its final rules on the estate tax portability of the deceased spousal unused exclusion (DSUE) amount, which clarifies that portability is only granted to executors if the gross value of the estate is below $5.4 million. Portability rules The new IRS rules specify that the surviving spouse can elect portability to use […]

The post Need To Know About Estate Tax Portability? We Can Help appeared first on Tax, Trust, and Estate News.

Monsanto’s Proposed Tax Inversion Plan
Posted on Tuesday June 16, 2015

U.S.-based agrochemical giant Monsanto Co. is currently negotiating a $45 billion buyout proposal of rival Syngenta as a tax inversion strategy to relocate to the UK, according to the Financial Times. If Monsanto's proposed tax inversion plan is accepted, this would mark the largest tax inversion in U.S. history with estimated annual savings close to $500 million.U.S.-based agrochemical giant Monsanto Co. is currently negotiating a $45 billion buyout proposal of rival Syngenta as a tax inversion strategy to relocate to the UK, according to the Financial Times. If Monsanto's proposed tax inversion plan is accepted, this would mark the largest tax inversion in U.S. history with estimated annual savings close to $500 million. […]

The post Monsanto’s Proposed Tax Inversion Plan 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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