• 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

    Thiessen v Commissioner: A Self-Directed IRA or a Self-Inflicted Wound

    Posted on Wednesday May 18, 2016

    Thiessen v Commissioner: A Self-Directed IRA or a Self-Inflicted Wound Recently, myself and another attorney in the firm met with accountants from a well-established practice with several offices. When I inquired about the biggest problems they encountered in tax season, they replied that it was the use of self-directed IRAs to finance business acquisitions. They […]

    The post Thiessen v Commissioner: A Self-Directed IRA or a Self-Inflicted Wound appeared first on Tax, Trust, and Estate News.

    Split-Dollar Arrangements Not Subject to Gift Tax

    Posted on Monday May 09, 2016

    In a Groundbreaking Tax Court Decision in Estate of Morrissette v. Commissioner, the Court Deems Split-Dollar Arrangements are not Subject to Gift Taxes A recent Tax Court decision has potentially groundbreaking results. In Estate of Morrissette v. Commissioner, the Court ruled that the economic benefit regime applies to this split-dollar arrangement because the only economic […]

    The post Split-Dollar Arrangements Not Subject to Gift Tax appeared first on Tax, Trust, and Estate News.

    Business 101: When Does a Partnership Exist?

    Posted on Monday April 11, 2016

    So when does a partnership exist? The IRS has strict rules for what constitutes a partnership. Under Section 761(a), a partnership as defined by the IRS needs to involve ''a syndicate, group, pool, joint venture, or other unincorporated organization through or by means of which any business, financial operation, or venture is carried on, and which […]

    The post Business 101: When Does a Partnership Exist? appeared first on Tax, Trust, and Estate News.

    Denial of Treaty Benefits and Limitation of Benefits

    Posted on Friday March 04, 2016

    Denial of Treaty Benefits and Limitation of Benefits One of the hallmarks of international tax planning is the ability to obtain a tax ruling from a foreign revenue services that the taxpayer is a qualified resident for income tax treaty purposes. Such a ruling permits a taxpayer to proceed with certainty in establishing operations. It […]

    The post Denial of Treaty Benefits and Limitation of Benefits appeared first on Tax, Trust, and Estate News.

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    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)
    '