• 201-896-4100 info@sh-law.com
  • 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.

    Biography

    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.

    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)

    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)
    Blogs

    Demystifying the Most Common Parts of New Overtime Pay Rules

    Posted on Wednesday July 20, 2016

    Understanding the New Overtime Pay Rules One of the issues with the new overtime pay rules regarding wage and hour regulations is companies are unaware of the major changes of the proposal, which is set to go into effect Dec. 1. According to the Department of Labor, a prime example of the changes for salaried employees […]

    The post Demystifying the Most Common Parts of New Overtime Pay Rules appeared first on Tax, Trust, and Estate News.

    The New Bipartisan Budget Act of 2015

    Posted on Monday June 27, 2016

    The new Bipartisan Budget Act of 2015 could have massive tax implications for partnerships Congress recently revamped the rules by which the IRS examines partnerships for tax purposes with the repeal of the Tax Equity and Fiscal Responsibility Act of 1982. TEFRA rules, otherwise known as unified audit and litigation procedures. The TEFRA rules were […]

    The post The New Bipartisan Budget Act of 2015 appeared first on Tax, Trust, and Estate News.

    Report Finds Certain States have Higher Audit Rates for Tax Returns

    Posted on Thursday June 16, 2016

    Do certain states have higher audit rates than others? A new study by TaxAudit.com, cited by the Motley Fool, found that certain states have higher audit rates than others. The report's cumulative rankings were based on the results of TaxAudit.com's Audit Defense consumers in 2014 who were eventually audited in 2015. The study's state-by-state findings Among the […]

    The post Report Finds Certain States have Higher Audit Rates for Tax Returns appeared first on Tax, Trust, and Estate News.

    Supreme Court Makes Significant Fraudulent Transfer Ruling

    Posted on Thursday June 02, 2016

    Major fraudulent transfer ruling made by U.S. Supreme Court Recently, there was a significant fraudulent transfer ruling made based on whether the actual fraud bar to discharge under Section 523(a)(2)(A) of the Bankruptcy Code applies solely if a debtor has made a false representation, or also if he or she obtained money through a fraudulent […]

    The post Supreme Court Makes Significant Fraudulent Transfer Ruling appeared first on Tax, Trust, and Estate News.

    More Articles More Articles

    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)

    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)