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

Do It Yourself Does Not Always Work
Posted on Tuesday April 22, 2014

Do It YourselfThe Internet has made it easier for individuals to produce their own documents. Please note I used the word “produce” and not “prepare” because Do It Yourself (DIY) does not always equate to a good result. The Florida Supreme Court ruled recently that a 2004 E-Z Legal Form (“Form”), which did not have a residuary […]

The post Do It Yourself Does Not Always Work appeared first on Tax, Trust, and Estate News.

Corporate tax break back in Senate package
Posted on Friday April 18, 2014

packageThe Senate tax committee approved a package of so-called tax extenders April 3, according to The Columbus Dispatch. The tax extenders are a collection of special-interest tax breaks that regularly expire and are extended, including breaks for wind energy, Hollywood, teachers, college tuition and more. About 50 temporary tax breaks were extended for two years […]

The post Corporate tax break back in Senate package appeared first on Tax, Trust, and Estate News.

Imputed Interest, Gifts and Family Loans
Posted on Tuesday April 15, 2014

famly loanFamily Loans are an integral part of life, as well as estate and gift tax planning.  Until the IRS victory in Dickman in 1980, interest-free loans were a staple of tax planning. Today, however, the rules that apply are designed to force interest income to be reported, even if not paid.  Certified Public Accountants (CPAs) […]

The post Imputed Interest, Gifts and Family Loans appeared first on Tax, Trust, and Estate News.

New York doubles estate tax exemption
Posted on Friday April 11, 2014

new-york-001New York Gov. Andrew Cuomo has led a well-publicized push to simplify the Empire State's tax code. As of the stroke of midnight on April 1, the estate tax exemption doubled to more than $2 million, according to Crain's New York Business. As per the budget agreement reached over the weekend, the state's tax exemption will rise […]

The post New York doubles estate tax exemption appeared first on Tax, Trust, and Estate News.

Aragona Trust v. Commissioner: A Taxpayer Victory Against the 3.8% Surcharge
Posted on Tuesday April 08, 2014

aragona-trust-001One of the hard-fought issues between taxpayers and the Internal Revenue Service (IRS) was whether a trust could qualify for the passive activities exception. Specifically, activities are grouped into one of two categories, either active or passive. The goal of §469 was to prevent losses from a passive activity from offsetting active income. If one […]

The post Aragona Trust v. Commissioner: A Taxpayer Victory Against the 3.8% Surcharge 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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