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

Need To Know About Estate Tax Portability? We Can Help
Posted on Tuesday June 23, 2015

Last week the IRS announced its final rules on the estate tax portability of the deceased spousal unused exclusion (DSUE) amount, which clarifies that portability is only granted to executors if the gross value of the estate is below $5.4 million.Last week the IRS announced its final rules on the estate tax portability of the deceased spousal unused exclusion (DSUE) amount, which clarifies that portability is only granted to executors if the gross value of the estate is below $5.4 million. Estate tax Portability rules The new IRS rules specify that the surviving spouse can elect portability […]

The post Need To Know About Estate Tax Portability? We Can Help appeared first on Tax, Trust, and Estate News.

Monsanto’s Proposed Tax Inversion Plan
Posted on Tuesday June 16, 2015

U.S.-based agrochemical giant Monsanto Co. is currently negotiating a $45 billion buyout proposal of rival Syngenta as a tax inversion strategy to relocate to the UK, according to the Financial Times. If Monsanto's proposed tax inversion plan is accepted, this would mark the largest tax inversion in U.S. history with estimated annual savings close to $500 million.U.S.-based agrochemical giant Monsanto Co. is currently negotiating a $45 billion buyout proposal of rival Syngenta as a tax inversion strategy to relocate to the UK, according to the Financial Times. If Monsanto's proposed tax inversion plan is accepted, this would mark the largest tax inversion in U.S. history with estimated annual savings close to $500 million. […]

The post Monsanto’s Proposed Tax Inversion Plan appeared first on Tax, Trust, and Estate News.

End the Double Taxation Created by the Estate Tax
Posted on Friday June 12, 2015

Lawmakers are looking to end double taxation for good.Double Taxation & the Federal Estate Tax As many lawmakers push to end the federal estate tax for good, one national senator has written a letter to the Twin Falls Times-News, contending that this particular policy may be one of the least fair taxes on the books due to the double taxation it creates. In […]

The post End the Double Taxation Created by the Estate Tax appeared first on Tax, Trust, and Estate News.

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.

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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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