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

IMF: Japan May Be Unable To Afford Its Corporate Tax Cuts
Posted on Thursday August 28, 2014

JapanIn an International Monetary Fund Working Paper published recently, Ruud De Mooij and Ikuo Saito discussed the effects of the Japanese government's upcoming corporate tax cut. The current Japanese tax on corporate income is 35 percent - on par with the American tax. After the cut, Japan's rate will be reduced to 30 percent, leaving […]

The post IMF: Japan May Be Unable To Afford Its Corporate Tax Cuts appeared first on Tax, Trust, and Estate News.

Will Stepping-Up The Basis of Assets Become More Important Than Avoiding Estate Tax?
Posted on Monday August 25, 2014

basis of assetsTrends come and go and taxation is no different. The change in 2001 to raise the estate tax exemption, now $5,340,000, and to lower the top estate tax rate, now 40%, shifted the emphasis in estate tax planning. The combined estates of most American couples will remain below $10,680,000, so estate tax is no longer […]

The post Will Stepping-Up The Basis of Assets Become More Important Than Avoiding Estate Tax? appeared first on Tax, Trust, and Estate News.

Robin Williams Estate Plan Leaves Heirs In Good Hands
Posted on Monday August 18, 2014

Estate PlanAfter the loss of comedy icon Robin Williams, the entertainment community is still reeling in shock. One ray of light for Williams' relations, however, is that his well thought-out estate plan seems likely to leave his heirs in good hands. Large sums of money, extreme attention from fans and the stress of living life in […]

The post Robin Williams Estate Plan Leaves Heirs In Good Hands appeared first on Tax, Trust, and Estate News.

REITs & The Corporate Tax Base
Posted on Tuesday August 12, 2014

Corporate Tax BaseAs the U.S. public becomes more aware about corporate taxation issues, the topic of corporate inversions has become highly politicized. A number of politicians have gone as far as to call multinationals that perform the move "un-patriotic," ahead of the November midterm elections. Meanwhile, there are other, less controversial taxation issues that could potentially cause […]

The post REITs & The Corporate Tax Base appeared first on Tax, Trust, and Estate News.

Inversions To Be An Election Hot-Button Issue
Posted on Monday August 04, 2014

InversionsCorporate inversions, in which a U.S.-based multinational acquires a smaller, foreign firm in order to re-domicile in a new, lower-tax country, have become a serious issue in American politics recently. Now, it appears that this issue may be a powerful motivator in the upcoming midterm House and Senate elections this November, according to The Wall […]

The post Inversions To Be An Election Hot-Button Issue 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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