Writings by James F. McDonough

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.

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Scarinci Hollenbeck remains committed not only to providing top-tier legal services but also to regularly providing information and resources to our client base and internet following. Client Alerts provided by our attorneys supply businesses, municipalities, and more with the latest and relevant legal updates that may impact them and how they might be able to proceed.

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Agreements Among Business Owners: Still A Good Idea And Why It Should Address Many More Issues

Various Agreements Among Business Owners Can Cover A Number of Important Issues Shareholder Agreements, Buy-Sell Agreements, Partnership and Operating Agreements (collectively, “Agreements”) are frequently-used terms to describe agreements among business owners. Hopefully, the Agreement, whatever its title, covers issues such as contributions of property and services, management, voting, dispute resolution, and ownership transition. One of […]

Author: James F. McDonough

July 12, 2018

Business Tax

The Offshore Voluntary Disclosure Program Is Closing

The Offshore Voluntary Disclosure Program (OVDP) closes September 28, 2018 and account holders that fail to disclose offshore accounts will be investigated by IRS and DOJ.

Author: James F. McDonough

May 15, 2018

How to apply for voluntary offshore disclosure

For taxpayers holding undisclosed foreign accounts and assets, making a voluntary disclosure has significant benefits. Most notably, it allows you to become compliant, avoid substantial civil penalties, and generally eliminate the risk of criminal prosecution for all issues relating to tax noncompliance and failing to file a Report of Foreign Bank and Financial Accounts (FBAR).

Author: James F. McDonough

April 3, 2018

Evaluating the Value of Nondisclosure Agreements Under New Tax Reform Law

A Provision Was Added to the Tax Cuts and Jobs Act that Discourages Companies’ Use of Nondisclosure Agreements in Harassment & Sexual Assault Settlements The new tax reform bill contains a wide range of changes that New Jersey businesses must consider. Some are not exclusively financial. In response to the increased attention on sexual harassment […]

Author: James F. McDonough

February 28, 2018

IRS Final Partnership Audit Regulations On Electing Out

The IRS Recently Issued Final Regulations on Electing Out of Centralized Partnership Audit Rules (CPAR) Tax Reform has taken the spotlight but there is no doubt that accountants will have their hands full and business litigation resulting from tax issues will rise. On December 29, 2017, the Department of the Treasury-Internal Revenue Service issued final […]

Author: James F. McDonough

February 1, 2018

The New Tax Law Introduces Qualified Business Income - The New Panacea

No Provision in the New Tax Law has Received More Attention Than the New Section 199A, Which Defines the New Term “Qualified Business Income” No provision in the new tax law has received more attention than the new section 199A. Section 199A defines a new term called “Qualified Business Income” (“QBI”) and further provides non-corporate […]

Author: James F. McDonough

January 4, 2018

Business Tax

IRS Announces It May Reverse Position on Certain Corporate Transactions

The IRS Recently Announced a Policy Change Regarding Requests For Private Letter Rulings On Certain Corporate Transactions The Internal Revenue Service (IRS) recently announced a policy change regarding requests for private letter rulings on certain corporate transactions. According to the IRS, it “is reconsidering its views regarding certain issues as to which it has provided […]

Author: James F. McDonough

December 21, 2017

IRS Makes It Easier to Aid Hurricane Victims

While New Jersey was spared from the recent catastrophic storms impacting the United States, many of our family members have not been so lucky. With the memories of Superstorm Sandy still fresh, we all remember how overwhelming the cleanup and rebuilding process can be. Thankfully, the Internal Revenue Service (IRS) is making it easier to […]

Author: James F. McDonough

September 29, 2017

Mylan N.V.: Savings Taxes Using Refined Coal Tax Credits & Inversions

Tax planning has become synonymous with nefarious activity but the reality is that tax planning is essential to the viability of any business. Tax planning has become synonymous with nefarious activity but the reality is that tax planning is essential to the viability of any business. Consider Mylan, a worldwide pharmaceutical company whose publicly traded […]

Author: James F. McDonough

September 8, 2017

Newsletter Reminds Us That Those Who Do Not Learn From Tax History Are Bound To Repeat Its Mistakes

A recent newsletter stated that a common business structure for independent broker-dealers suffered a setback in Tax Court when the IRS prevailed. The individual, a broker-dealer held several series licenses to annuities and other financial products. The individual, not his corporation, signed contracts with LPL and Mass Mutual. The corporation elected S status and in […]

Author: James F. McDonough

March 15, 2017

A Closer Look at the House GOP Tax Reform Blueprint

While President-elect Donald Trump has his own tax plan, the House GOP formulated an approach of its own. While President-elect Donald Trump has his own tax plan, the House GOP formulated an approach of its own. The House GOP Tax Reform Blueprint positions itself as a growth-friendly plan, one that encourages business investment and simplifies […]

Author: James F. McDonough

January 12, 2017

Estate Planning Regulation Impacts Small Business And Estate Tax Planning Strategies

The government lost estate and gift tax cases that attracted headlines. The government lost estate and gift tax cases that attracted headlines. In response, the Department of Treasury (“Treasury”) proposed new regulations in early 2016 that would amend definitions in the 1992 regulations that were problematic in the court cases. In addition, Treasury it added […]

Author: James F. McDonough

January 10, 2017

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