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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Possible Pfizer inversion raises questions among lawmakers

U.S.-based pharmaceutical company Pfizer has offered to buy British competitor AstraZeneca for $99 billion, according to The New York Times. In buying the company and moving its headquarters to Britain, Pfizer could avoid U.S. corporate tax liability on its income outside of the the country. Currently, the company pays an effective tax rate of approximately […]

Author: James F. McDonough

May 16, 2014

Parsonage Allowance – Once Again It Is An Issue

In the 1990s, an Orange County California minister and the Internal Revenue Service (IRS) battled over the amount of his parsonage or housing allowance. The IRS claimed that the allowance, which is tax-free to the minister, was overstated and that some portion of the allowance should have been reported as income. The case proceeded to […]

Author: James F. McDonough

May 13, 2014

Business Tax Extenders May Be Made Permanent

Congress has allowed a number of tax credits to expire before renewing them every two years, in a process known as the “tax extenders.” Some of these tax breaks have been renewed regularly for over 30 years. After some wrangling in the House, the Ways and Means Committee voted to make six expired tax breaks permanent April […]

Author: James F. McDonough

May 9, 2014

Tax Breaks

$10 million tax credit offered for Kansas scholarships

The April 24 deadline is approaching for Kansas Gov. Sam Brownback to make a decision regarding a bill to increase funding for state public schools, according to the Associated Press. Legislators finished working on the bill April 6, before taking a recess until late in the month. Among other measures, the bill would end teacher tenure, […]

Author: James F. McDonough

May 6, 2014

Kansas Supreme Court

Walgreens urged to undergo tax "inversion"

Walgreens, a staple U.S. drugstore, has been headquartered in Illinois for almost a century. The company got its start in downstate Dixon, Ill., before moving its corporate headquarters to Chicago and then eventually to Deerfield, Ill., according to the Chicago Tribune. The company’s next corporate move may take it further away – to Bern, Switzerland. […]

Author: James F. McDonough

April 30, 2014

Income Tax

Do It Yourself Does Not Always Work

The Internet has made it easier for individuals to produce their own documents. Please note I used the word “produce” and not “prepare” because Do It Yourself (DIY) does not always equate to a good result. The Florida Supreme Court ruled recently that a 2004 E-Z Legal Form (“Form”), which did not have a residuary […]

Author: James F. McDonough

April 22, 2014

Corporate tax break back in Senate package

The Senate tax committee approved a package of so-called tax extenders April 3, according to The Columbus Dispatch. The tax extenders are a collection of special-interest tax breaks that regularly expire and are extended, including breaks for wind energy, Hollywood, teachers, college tuition and more. About 50 temporary tax breaks were extended for two years […]

Author: James F. McDonough

April 18, 2014

Imputed Interest, Gifts and Family Loans

Family Loans are an integral part of life, as well as estate and gift tax planning. Until the IRS victory in Dickman in 1980, interest-free loans were a staple of tax planning. Today, however, the rules that apply are designed to force interest income to be reported, even if not paid. Certified Public Accountants (CPAs) […]

Author: James F. McDonough

April 15, 2014

New York doubles estate tax exemption

New York Gov. Andrew Cuomo has led a well-publicized push to simplify the Empire State’s tax code. As of the stroke of midnight on April 1, the estate tax exemption doubled to more than $2 million, according to Crain’s New York Business. As per the budget agreement reached over the weekend, the state’s tax exemption will rise […]

Author: James F. McDonough

April 11, 2014

New York

Aragona Trust v. Commissioner: A Taxpayer Victory Against the 3.8% Surcharge

One of the hard-fought issues between taxpayers and the Internal Revenue Service (IRS) was whether a trust could qualify for the passive activities exception. Specifically, activities are grouped into one of two categories, either active or passive. The goal of §469 was to prevent losses from a passive activity from offsetting active income. If one […]

Author: James F. McDonough

April 8, 2014

Caterpillar Inc faces tax probe

A number of companies have coming under scrutiny in recent months, as the U.S. reconsiders its corporate tax policy. The latest of these companies is the Peoria-based construction equipment manufacturer Caterpillar Inc., which is being probed by a U.S. Senate investigative panel to find out whether it avoided taxes by improperly moving profits overseas, according […]

Author: James F. McDonough

April 4, 2014

Bloomberg

Reconciling Divided Loyalties: The Collision Between Fiduciary Duties of Trustees and Company Managers.

Invariably, wealth transfer structures encounter changing circumstances as the founding generation grows older and passes away. Typically, company managers dominate decision-making for a period of years. Unfortunately, if one of the members of the next generation is designated to take charge to the exclusion of others, the excluded members may resist. Even more dangerous is […]

Author: James F. McDonough

April 1, 2014

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