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

Proposed Debt Allocation Regulations Produce Unexpected and Unwanted Results
Posted on Wednesday July 23, 2014

Debt AllocationsIRS published new regulations in January that would upset 25 years of treatment of the allocation of liabilities.  Under current rules, the determination of whether a liability is recourse to a partner (or related person) is determined by whether the partner has an obligation to make a contribution to any person because a liability is due and payable and […]

The post Proposed Debt Allocation Regulations Produce Unexpected and Unwanted Results appeared first on Tax, Trust, and Estate News.

Kansas Tax Cut Leads To Greater Deficit Than Anticipated
Posted on Friday July 18, 2014

Kansas Tax CutIn 2012, Kansas lawmakers passed a large income tax cut that was intended to reduce revenue from taxes by a little more than 10 percent, according to Josh Barro writing for The New York Times. Gov. Sam Brownback said at the time that these cuts would create "tens of thousands of jobs," which would more than […]

The post Kansas Tax Cut Leads To Greater Deficit Than Anticipated appeared first on Tax, Trust, and Estate News.

New Congressional Report Highlights Tax Inversions
Posted on Monday July 14, 2014

Tax InversionMost U.S. politicians agree that the tax code should be dramatically revamped, but little has been done so far to accomplish this goal. In an attempt to spur reform, Rep. Sandy Levin, D-Michigan, published a report examining the corporate practice of shifting headquarters overseas in order to dodge U.S. taxes, according to The Hill. Known […]

The post New Congressional Report Highlights Tax Inversions appeared first on Tax, Trust, and Estate News.

New Durbin Bill Seeks To Keep Corporations From Exporting Jobs
Posted on Wednesday July 09, 2014

New Durbin billWith the increasing frequency of corporate inversions in recent years and the breakneck pace at which even domestic corporations are shipping jobs overseas, it isn't surprising that the U.S. government wants to find a way to incentivize big companies to keep their jobs here. With the election coming up, there seems to be little chance of […]

The post New Durbin Bill Seeks To Keep Corporations From Exporting Jobs appeared first on Tax, Trust, and Estate News.

The Clintons Criticized For Estate Planning
Posted on Wednesday July 02, 2014

The ClintonsAs we draw closer to the still-far-away 2016 presidential election, rhetoric is heating up on both sides. The latest in the media is the revelation that the Clintons are using  financial planning strategies that will fall on their heirs at the time of their death. According to federal financial disclosures, Bill and Hillary created residential trusts in […]

The post The Clintons Criticized For Estate Planning 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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