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

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.

Does Corporate Tax Policy Discussion Need A New Approach?
Posted on Tuesday February 24, 2015

Corporate tax policy should emphasize providing companies with proper incentives so they can focus on earning the highest pretax profits,Corporate tax policy should emphasize providing companies with proper incentives so they can focus on earning the highest pretax profits, instead of producing the greatest after-tax profits, Josh Barro recently wrote in The New York Times. Corporate hiring decisions Barro, a NYT correspondent and former senior fellow for the Manhattan Institute for Policy Research, bemoaned the current […]

The post Does Corporate Tax Policy Discussion Need A New Approach? appeared first on Tax, Trust, and Estate News.

New Estate Tax Policy Proposed By President Obama
Posted on Tuesday February 10, 2015

Pres. Barack Obama recently proposed a new estate tax policy that could have a substantial impact on what Americans can leave for their heirs.Pres. Barack Obama recently proposed a new estate tax policy that could have a substantial impact on what Americans can leave for their heirs. The president plans to outline the details of the new estate tax policy in his budget plan on Feb. 2, according to Bloomberg. Obama is suggesting that upon death, the federal […]

The post New Estate Tax Policy Proposed By President Obama appeared first on Tax, Trust, and Estate News.

New Tax For Finance Firms Proposed By Obama
Posted on Tuesday February 03, 2015

Pres. Barack Obama proposed a new tax on financial institutions during his State of the Union Address earlier in January.Pres. Barack Obama proposed a new tax on financial institutions during his State of the Union Address earlier in January. The new tax policy, which would levy a seven-point basis fee on the total liabilities of roughly 100 financial firms with more than $50 billion in assets, would generate an estimated $110 billion in tax […]

The post New Tax For Finance Firms Proposed By Obama appeared first on Tax, Trust, and Estate News.

Medical Device Tax Proposal Repealed by Lawmakers
Posted on Wednesday January 28, 2015

The tides may be changing in regards to medical device tax in ObamacareThe tides may be changing in regards to medical device tax in Obamacare... On Jan. 7, a bipartisan group of lawmakers forecast the U.S. House of Representatives would finally succeed in its efforts to repeal the medical device tax component of Obamacare, after pushing this agenda for years. New bill wins support of House The […]

The post Medical Device Tax Proposal Repealed by Lawmakers 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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