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

House Committee To Vote On Estate Tax Repeal
Posted on Monday March 23, 2015

The House Committee plans to vote on legislation that would repeal the federal estate tax during the week starting Monday, March 23.The House Committee plans to vote on legislation that would repeal the federal estate tax during the week starting Monday, March 23. The group of lawmakers will consider such a move after Rep. Kevin Brady (R-Texas) introduced the Death Tax Repeal Act of 2015 in February, according to Accounting Today. Estate tax proposal While opponents of the […]

The post House Committee To Vote On Estate Tax Repeal appeared first on Tax, Trust, and Estate News.

Business Roundtable Urges Corporate Tax Reform
Posted on Monday March 16, 2015

The Business Roundtable recently urged a reform of federal corporate tax policy, and John Engler, president of the industry representative, presented this view to Washington lawmakers on March 11.The Business Roundtable recently urged a reform of federal corporate tax policy, and John Engler, president of the industry representative, presented this view to Washington lawmakers on March 11. During a Senate hearing about balancing the federal budget, Engler, a former governor of Michigan, emphasized the importance of pro-growth policies. Corporate Tax Policy The former […]

The post Business Roundtable Urges Corporate Tax Reform appeared first on Tax, Trust, and Estate News.

Top Steps For Minimizing Estate Taxes
Posted on Tuesday March 10, 2015

Worried about estate taxes? If you want to generate the lowest burden possible, follow some basic steps to ensure the proper way of minimizing estate taxesWorried about estate taxes? If you want to generate the lowest burden possible, follow some basic steps to ensure the proper way of minimizing estate taxes 1) Planning is crucial: First and foremost when it comes to minimizing estate taxes, keep in mind that a failure to plan is a plan for failure. While many […]

The post Top Steps For Minimizing Estate Taxes appeared first on Tax, Trust, and Estate News.

Obama Proposes Federal Estate Tax Overhaul
Posted on Wednesday March 04, 2015

Pres. Barack Obama proposed a major overhaul of federal estate tax policy during his State of the Union address.Pres. Barack Obama proposed a major overhaul of federal estate tax policy during his State of the Union address. These measures could have significant implications for a wide range of Americans, including the wealthy and those who inherit valuable items such as businesses. Proposed change in basis Existing policy uses the higher of the deceased's […]

The post Obama Proposes Federal Estate Tax Overhaul appeared first on Tax, Trust, and Estate News.

Massachusetts Lawmaker Proposes Estate Tax Cut
Posted on Wednesday February 25, 2015

In January, Massachusetts Lawmaker, Shawn Dooley proposed cutting estate taxes in the Bay State in an attempt to prevent elderly citizens from moving to other states.In January, Massachusetts Lawmaker, Shawn Dooley proposed cutting estate taxes in the Bay State in an attempt to prevent elderly citizens from moving to other states. The Massachusetts Lawmaker revealed that if an estate is worth more than $1 million, the state levies taxes between 8 and 14 percent of that value, The Sun Chronicle […]

The post Massachusetts Lawmaker Proposes Estate Tax Cut 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 Lyndhurst, NJ, have thoroughly...

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