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

Burger King To Save Big By Moving To Canada
Posted on Wednesday December 17, 2014

"Burger King Whopper Combo" by user Siqbal - Originally uploaded to the English Wikipedia. Licensed under Public Domain via Wikimedia Commons - http://commons.wikimedia.org/wiki/File:Burger_King_Whopper_Combo.jpg#mediaviewer/File:Burger_King_Whopper_Combo.jpgAs was widely reported a few months ago, Burger King is expected to complete a corporate inversion by purchasing Canadian donut company Tim Hortons and spinning both companies into subsidiaries of a new, multinational fast-food company headquartered in Canada. New numbers released by tax watchdog Americans for Tax Fairness showed just how much Burger King will […]

The post Burger King To Save Big By Moving To Canada appeared first on Tax, Trust, and Estate News.

Amnesty: Putin Style | Tax, Trust, Estate News
Posted on Tuesday December 09, 2014

"Vladimir Putin 12024" by Russian Presidential Press and Information Office - kremlin.ru. Licensed under Creative Commons Attribution 3.0 via Wikimedia Commons - http://commons.wikimedia.org/wiki/File:Vladimir_Putin_12024.jpg#mediaviewer/File:Vladimir_Putin_12024.jpgI have reported on federal and state amnesty programs; however, no such program in this country can compare to what Russian President Vladimir Putin has put together for his country. According to news reports, President Putin proposes a full amnesty for capital being repatriated to Russia. The report continues that if a person legalizes his […]

The post Amnesty: Putin Style | Tax, Trust, Estate News appeared first on Tax, Trust, and Estate News.

Estate Tax Exemption For 2015 Announced
Posted on Monday November 24, 2014

Estate tax exemption for 2015 announcedThe IRS recently announced its federal estate tax exemption for 2015. The federal exemption to the estate tax is the amount that, above which, estates must pay federal estate taxes. Last year, it was raised from $1 million to $5.34 million and indexed for inflation in order to stay in line with the rising cost […]

The post Estate Tax Exemption For 2015 Announced appeared first on Tax, Trust, and Estate News.

Texas Bill Would Repeal State Business Franchise Tax
Posted on Tuesday November 18, 2014

"New Home Texas Water Towers 2011" by Leaflet - Own work. Licensed under Creative Commons Attribution-Share Alike 3.0 via Wikimedia Commons - http://commons.wikimedia.org/wiki/File:New_Home_Texas_Water_Towers_2011.jpg#mediaviewer/File:New_Home_Texas_Water_Towers_2011.jpgTexas state legislators hit the ground running following the election, taking advantage of the Nov. 10 chance to pre-file bills for the coming 84th Legislature. The 84th Legislature doesn't officially start until January, but that didn't stop lawmakers from pre-filing bills that demonstrate where they stand on a variety of new and old issues, according […]

The post Texas Bill Would Repeal State Business Franchise Tax appeared first on Tax, Trust, and Estate News.

Can I Leave My Estate To My Pet?
Posted on Thursday November 06, 2014

Can-I-Leave-My-Estate-To-My-PetEvery year, there are a few individuals who want to leave part or all of their estate to their pet. Unfortunately, pets are considered property, and property cannot own other property. This leaves an interesting conundrum for dedicated pet owners, but there are a couple of ways around it. So, now the question remains - […]

The post Can I Leave My Estate To My Pet? 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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