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

New Changes for Gift Tax Laws in 2016
Posted on Thursday February 11, 2016

New Changes for Gift Tax Laws2016: new changes for gift tax laws All gifts may be subject to IRS gift taxes, and some of those rules are becoming more stringent next tax year. According to a Motley Fool report, a prime example of a gift tax law that has become more strict is when gifts are given between U.S. citizens and […]

The post New Changes for Gift Tax Laws in 2016 appeared first on Tax, Trust, and Estate News.

Protecting Americans from Tax Hikes Due to FIRPTA Changes
Posted on Friday February 05, 2016

FIRPTAReal Estate: tax hikes due to FIRPTA changes & how to avoid them FIRPTA is the Foreign Interest In Real Property Tax Act and became law to force foreign sellers of U.S. real property to pay tax on gain from sales. Without FIRPTA, sellers would pocket the proceeds and remove themselves from the U.S. and […]

The post Protecting Americans from Tax Hikes Due to FIRPTA Changes appeared first on Tax, Trust, and Estate News.

NJ Bans Additional Loans for Companies in Default Status
Posted on Monday February 01, 2016

NJ Bans Additional Loans for Companies in Default StatusNJ Bans Additional Loans for Companies in Default Status Recently, Gov. Chris Christie announced that he signed a new bill into law that would prohibit the state of New Jersey from subsidizing low-income property developers who defaulted on state loans. According to a report by the Washington Times, the bill was initially proposed after a […]

The post NJ Bans Additional Loans for Companies in Default Status appeared first on Tax, Trust, and Estate News.

Tax Court rules that Redstone Family Transfer not Subject to Gift Tax
Posted on Tuesday January 12, 2016

redstone familyMuch ado about the Redstone family In what has been deemed by the tabloids as a family soap opera, the U.S. Tax Court ruled in a recent landmark case of the Redstone family that the transfer of stocks does not qualify as a taxable gift because the transfer was made for full and adequate consideration […]

The post Tax Court rules that Redstone Family Transfer not Subject to Gift Tax appeared first on Tax, Trust, and Estate News.

Using The Family Limited Partnership Discounts To Their Ultimate Advantage
Posted on Thursday December 31, 2015

family limited partnership discountsCould this be the end for current family limited partnership discounts? Recent news out of Washington, D.C. suggests that the Administration, the Treasury and IRS intend to eliminate or substantially reduce the availability of discounts in the valuation of interests in Family Limited Partnerships (FLPs) and other closely held businesses. Currently, the family limited partnership […]

The post Using The Family Limited Partnership Discounts To Their Ultimate Advantage 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

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