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

Levying State Corporate Income Tax A Waste Of Time
Posted on Thursday May 21, 2015

Do we really need a state corporate income tax?"Levying a state corporate income tax is a waste of time", tax expert, David Brunori, wrote in The Tax Analysts Blog. Brunori, research professor at George Washington University and deputy publisher of Tax Analysts, asserted that states should repeal this particular policy. "States should, at the very least, conduct an honest inquiry into why they have […]

The post Levying State Corporate Income Tax A Waste Of Time appeared first on Tax, Trust, and Estate News.

2015 Gift Tax Limit Remains Steady
Posted on Thursday May 14, 2015

2015 Gift Tax LimitThe federal gift tax limit will remain the same this year as it was last year, according to the IRS. As a result, a taxpayer (donor) may gift as much as $14,000 to each recipient (donee) without being required to file a gift tax return or paying gift taxes on these amounts. In addition, married couples can […]

The post 2015 Gift Tax Limit Remains Steady appeared first on Tax, Trust, and Estate News.

Corporate Income Tax Policy Deeply Flawed
Posted on Tuesday May 12, 2015

U.S. corporate income tax policy is currently riddled with problems and in dire need of reform, Treasury Department official Mark Mazur stated during a lecture focused on current issues in taxation.U.S. corporate income tax policy is currently riddled with problems and in dire need of reform, Treasury Department official Mark Mazur stated during a lecture focused on current issues in taxation. Mazur, an assistant secretary for tax policy, emphasized the U.S. corporate income tax policy rate is high relative to other countries, and that this situation […]

The post Corporate Income Tax Policy Deeply Flawed appeared first on Tax, Trust, and Estate News.

Everyone Has An Opinion On Estate Tax Reform
Posted on Monday May 04, 2015

Currently, just about everyone has an opinion on estate tax reform.Currently, just about everyone has an opinion on estate tax reform. A proposal to permanently repeal the federal estate tax has obtained approval in the U.S. House of Representatives, but there are many - including lawmakers, policy analysts and various kinds of experts - who have spoken their opinion on estate tax reform. Opponents of […]

The post Everyone Has An Opinion On Estate Tax Reform appeared first on Tax, Trust, and Estate News.

Some Differences In Tax Planning Between Jurisdictions
Posted on Friday May 01, 2015

Despite a common language, there are differences in tax planning when it comes to the United Kingdom (UK) and the United States (US).Despite a common language, there are differences in tax planning when it comes to the United Kingdom (UK) and the United States (US). The differences in tax planning are the direct result of a trends or a structural changes in tax law. Clearly, the trend is against the accumulation of wealth inside of trusts. Trusts […]

The post Some Differences In Tax Planning Between Jurisdictions 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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