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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Exodus on the Parkway: Regent Atlantic’s Report Into Why Wealth Leaves New Jersey.

The financial advisory firm Regent Atlantic as to why wealthy people leave New Jersey to reside in other states. The report is entitled Exodus on the Parkway: Are Taxes Driving Wealthy Residents Out of New Jersey? (the “Report”). The Report draws on objective statistical information and is free of the hyperbole that often accompanies such […]

Author: James F. McDonough

March 25, 2014

Bipartisan move toward corporate tax reform

There hasn’t been a major reform of corporate tax law in almost three decades, and with good reason – neither party agrees on which way to push the needle. However, recent developments in Washington suggest that both parties may be moving toward agreement in some key areas, according to MSNBC. Both President Barack Obama and Michigan […]

Author: James F. McDonough

March 21, 2014

Income Tax

White House bill takes $276 billion from multinationals

President Barack Obama is planning a tax increase on U.S. multinational businesses that would add a total of $276 billion to the U.S. budget, according to The Washington Post. The 2015 plan includes six new measures to plug leaks in the tax code that multinationals are using to avoid paying the 35 percent federal corporate […]

Author: James F. McDonough

March 19, 2014

Tax Issues Could Hurt Bitcoin

Bitcoin is an unregulated currency that has made a big splash in the economy during the past couple of years. At first, it was the chosen form of payment for black market dealings, but more and more legitimate merchants are beginning to accept Bitcoin. According to Entrepreneur.com, Overstock and TigerDirect have already begun accepting the […]

Author: James F. McDonough

March 12, 2014

Federal Business Tax Overhaul Could Fund Infrastructure Projects

President Barack Obama recently announced a four-year, $302 billion transportation bill to repair the nation’s aging roads, rails, bridges and tunnels. According to The New York Times, one method Obama plans to use to fund this initiative is a business tax overhaul. In the State of the Union Address, Obama said he would use the […]

Author: James F. McDonough

March 11, 2014

Business Tax

New York Estate Tax Law Change Could Hurt Home Gifting

New York Gov. Andrew Cuomo and lawmakers are currently considering changes to the Empire State’s estate tax law. If passed, one of the biggest benefits would be an increase to the estate tax exemption from $1 million to $5.25 million by 2019, which means New Yorkers could pass on assets to children worth $5.25 million without […]

Author: James F. McDonough

March 7, 2014

New York

Estate of Hughes: A Graegin Loan And A Great Result

A Graegin Loan is one obtained by an estate to pay death taxes and administration fees. Typically, court approval of the transaction is necessary for the loan to be considered necessary for the administration of the estate. Once that hurdle is cleared, the interest expense is deductible which is of considerable benefit. Estates that are […]

Author: James F. McDonough

March 6, 2014

A Change in Form: F Reorganizations in Foreign Context

Reorganizations under IRC §368(a)(1)(F) (“F Reorganizations”) are mere changes in form, such as changing a state of incorporation. This change may be made for any number of reasons, although choice of law or no longer doing business in the state are common. F Reorganizations in the international context involve consideration of many more substantive issues. […]

Author: James F. McDonough

March 4, 2014

Trusts: Income Tax Planning Is More Important Now

Wealth preservation remains a challenge despite the increases in the federal estate tax exclusion, which is equal to $5,340,000 in 2014. The challenge comes from higher trust income tax rates. Taxpayers have, over the years, funded trusts with gifts of property with carryover basis. Over time, inflation and appreciation increased the fair market value (FMV) […]

Author: James F. McDonough

February 26, 2014

Income Tax

Tax Free Gifts Have Increased in U.S.

Gift and estate tax laws allow Americans to make tax free gifts up to a certain amount. According to Bloomberg, Congress voted in December 2010 to increase that limit to $5 million for wealthy Americans, which led to a significant spike in the following years. In 2012, U.S. taxpayers reported making $122 billion in nontaxable gifts, […]

Author: James F. McDonough

February 21, 2014

Common Errors on Business Tax Returns

Tax season is officially here, which means individuals and business owners will begin to file returns. The Internal Revenue Service is stringent when reviewing these documents, which is why companies will want to avoid the common missteps made on business tax returns: Filing the wrong formBusiness taxes aren’t as simple as income taxes, as there […]

Author: James F. McDonough

February 14, 2014

3 Money-Saving Tax Tips for Businesses

U.S. tax law requires businesses to file returns every year, and if owners aren’t careful, they could end up costing themselves a lot of money. The following are some money-saving tax tips businesses can use during tax season. 1. Contribute to a charity: When a business donates money to a charity, it isn’t only showing good […]

Author: James F. McDonough

February 10, 2014

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