James F. McDonough Attorney at Law
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

US Corporate Income Tax…What To Do?
Posted on Thursday January 22, 2015

US Corporate Income Tax...Should we take it or should we leave it?US Corporate Income Tax...Should we take it or should we leave it? Many have given their input on why should maintain or eliminate the US corporate income tax, and market experts recently provided some compelling arguments on this topic. Columnist makes case for eliminating the US corporate income tax On Dec. 29, 2014, Wall Street […]

The post US Corporate Income Tax…What To Do? appeared first on Tax, Trust, and Estate News.

Estate Tax Figures Highlighted For 2015
Posted on Tuesday January 20, 2015

Goodbye 2014! Hello 2015! Here's everything you need to know about the estate tax figures for this year.Goodbye 2014! Hello 2015! Here's everything you need to know about the estate tax figures for this year. As we ring in the new year, the federal estate tax is undergoing a few predictable changes. As an informed citizen arranging your affairs, it is important to stay on top of the relevant figures as they […]

The post Estate Tax Figures Highlighted For 2015 appeared first on Tax, Trust, and Estate News.

Lower Corporate Taxes Are Set For Many States in 2015
Posted on Thursday January 15, 2015

As the ball drops to mark the new year, North Carolina will lower corporate taxes for 2015.As the ball drops to mark the new year, North Carolina will lower corporate taxes for 2015. Beginning in 2015, North Carolina's lower corporate taxes will have a 5 percent difference from the current rate of 6 percent as a result of a tax overhaul passed in 2013, according to Triangle Business Journal. The bill […]

The post Lower Corporate Taxes Are Set For Many States in 2015 appeared first on Tax, Trust, and Estate News.

Partner’s Interest May Be More Difficult To Determine
Posted on Tuesday January 13, 2015

Partner’s Interest May Be More Difficult To DetermineDetermining A Partner’s Interest In a Partnership One might think that determining a partner’s interest in a partnership is easy and that strict rules provide absolute certainty. This is not the case. The rights conferred by states under partnership, limited partnership or limited liability company law do not define a partner’s interest for federal tax […]

The post Partner’s Interest May Be More Difficult To Determine appeared first on Tax, Trust, and Estate News.

Internal Revenue Code Is Complex…Let’s Begin to Decipher
Posted on Tuesday January 06, 2015

The Internal Revenue Code is complexThe Internal Revenue Code is complex The fact that various internal revenue code sections are enacted into law does not necessarily mean that every nuance has been explored in crafting language. Often times, the collateral consequences of a new statute upon other areas of the internal revenue code is not considered. All too often the […]

The post Internal Revenue Code Is Complex…Let’s Begin to Decipher 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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