James F. McDonough
Counsel

About

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

Estate Tax Exemption For 2015 Announced
Posted on Monday November 24, 2014

Estate tax exemption for 2015 announcedThe IRS recently announced its federal estate tax exemption for 2015. The federal exemption to the estate tax is the amount that, above which, estates must pay federal estate taxes. Last year, it was raised from $1 million to $5.34 million and indexed for inflation in order to stay in line with the rising cost […]

The post Estate Tax Exemption For 2015 Announced appeared first on Tax, Trust, and Estate News.

Texas Bill Would Repeal State Business Franchise Tax
Posted on Tuesday November 18, 2014

"New Home Texas Water Towers 2011" by Leaflet - Own work. Licensed under Creative Commons Attribution-Share Alike 3.0 via Wikimedia Commons - http://commons.wikimedia.org/wiki/File:New_Home_Texas_Water_Towers_2011.jpg#mediaviewer/File:New_Home_Texas_Water_Towers_2011.jpgTexas state legislators hit the ground running following the election, taking advantage of the Nov. 10 chance to pre-file bills for the coming 84th Legislature. The 84th Legislature doesn't officially start until January, but that didn't stop lawmakers from pre-filing bills that demonstrate where they stand on a variety of new and old issues, according […]

The post Texas Bill Would Repeal State Business Franchise Tax appeared first on Tax, Trust, and Estate News.

Can I Leave My Estate To My Pet?
Posted on Thursday November 06, 2014

Can-I-Leave-My-Estate-To-My-PetEvery year, there are a few individuals who want to leave part or all of their estate to their pet. Unfortunately, pets are considered property, and property cannot own other property. This leaves an interesting conundrum for dedicated pet owners, but there are a couple of ways around it. So, now the question remains - […]

The post Can I Leave My Estate To My Pet? appeared first on Tax, Trust, and Estate News.

AbbVie – Shire Deal Collapses, Calls For Corporate Tax Reform
Posted on Monday October 27, 2014

corporate-tax-reformDespite insisting a few months ago that his company's upcoming merger with UK-based Shire was not for the tax impact, the CEO of U.S. pharmaceutical maker AbbVie blamed U.S. Treasury Department rules for its decision to shutter the deal. AbbVie explained in a recent statement that its proposed merger with Shire had to been terminated as […]

The post AbbVie – Shire Deal Collapses, Calls For Corporate Tax Reform appeared first on Tax, Trust, and Estate News.

Clash Over Corporate Tax in NC Utilities Commission
Posted on Wednesday October 22, 2014

corporate taxA decision by the North Carolina Utilities Commission has triggered internal protest that highlights a rift between Democrats and Republicans. According to NewsObserver.com, the commission has ruled that the state's utilities can continue to charge their customers for a corporate tax rate higher than the rate that they actually pay. This decision has introduced strong tensions […]

The post Clash Over Corporate Tax in NC Utilities Commission 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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