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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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Demystifying the Most Common Parts of New Overtime Pay Rules post image

Demystifying the Most Common Parts of New Overtime Pay Rules

Understanding the New Overtime Pay Rules One of the issues with the new overtime pay rules regarding wage and hour regulations is companies are unaware of the major changes of the proposal, which is set to go into effect Dec. 1. According to the Department of Labor, a prime example of the changes for salaried employees […]

Author: James F. McDonough

Link to post with title - "Demystifying the Most Common Parts of New Overtime Pay Rules"
The New Bipartisan Budget Act of 2015 post image

The New Bipartisan Budget Act of 2015

The new Bipartisan Budget Act of 2015 could have massive tax implications for partnerships Congress recently revamped the rules by which the IRS examines partnerships for tax purposes with the repeal of the Tax Equity and Fiscal Responsibility Act of 1982. TEFRA rules, otherwise known as unified audit and litigation procedures. The TEFRA rules were […]

Author: James F. McDonough

Link to post with title - "The New Bipartisan Budget Act of 2015"
Is Selecting an S Corporation Business the Best Option? post image

Is Selecting an S Corporation Business the Best Option?

Changing to an S Corporation Business or selecting an “S-Corp” is becoming popular for small business owners. In recent years, changes in tax laws have affected the way small businesses elect to be taxed. Businesses typically form corporations when transitioning from a sole proprietorship to a larger entity with multiple owners or employees. However, now businesses are more […]

Author: James F. McDonough

Link to post with title - "Is Selecting an S Corporation Business the Best Option?"
Report Finds Certain States have Higher Audit Rates for Tax Returns post image

Report Finds Certain States have Higher Audit Rates for Tax Returns

Do certain states have higher audit rates than others? A new study by TaxAudit.com, cited by the Motley Fool, found that certain states have higher audit rates than others. The report’s cumulative rankings were based on the results of TaxAudit.com’s Audit Defense consumers in 2014 who were eventually audited in 2015. The study’s state-by-state findings Among the […]

Author: James F. McDonough

Link to post with title - "Report Finds Certain States have Higher Audit Rates for Tax Returns"
Supreme Court Makes Significant Fraudulent Transfer Ruling post image

Supreme Court Makes Significant Fraudulent Transfer Ruling

Major fraudulent transfer ruling made by U.S. Supreme Court Recently, there was a significant fraudulent transfer ruling made based on whether the actual fraud bar to discharge under Section 523(a)(2)(A) of the Bankruptcy Code applies solely if a debtor has made a false representation, or also if he or she obtained money through a fraudulent […]

Author: James F. McDonough

Link to post with title - "Supreme Court Makes Significant Fraudulent Transfer Ruling"
Thiessen v Commissioner: A Self-Directed IRA or a Self-Inflicted Wound post image

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

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 […]

Author: James F. McDonough

Link to post with title - "Thiessen v Commissioner: A Self-Directed IRA or a Self-Inflicted Wound"
Split-Dollar Arrangements Not Subject to Gift Tax post image

Split-Dollar Arrangements Not Subject to Gift Tax

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 […]

Author: James F. McDonough

Link to post with title - "Split-Dollar Arrangements Not Subject to Gift Tax"
Business 101: When Does a Partnership Exist? post image

Business 101: When Does a Partnership Exist?

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 […]

Author: James F. McDonough

Link to post with title - "Business 101: When Does a Partnership Exist?"
Denial of Treaty Benefits and Limitation of Benefits post image

Denial of Treaty Benefits and Limitation of Benefits

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 […]

Author: James F. McDonough

Link to post with title - "Denial of Treaty Benefits and Limitation of Benefits"
Examining PLR 201302009 & Underwater Property post image

Examining PLR 201302009 & Underwater Property

PLR 201302009 & avoiding cancellation of indebtedness on underwater property Private letter rulings (PLR) offer insight into where certain boundaries lie. PLR often provide solutions to problems that practitioners are likely to encounter. PLR 201302009 offers a solution to a common problem faced by many real estate operators for borrowers whose property is underwater. The […]

Author: James F. McDonough

Link to post with title - "Examining PLR 201302009 & Underwater Property"
Will Spendthrift Language In A Trust Always Be Respected or Not? post image

Will Spendthrift Language In A Trust Always Be Respected or Not?

Will Spendthrift Language In A Trust Always Be Respected? The unequivocal answer to the question is: it depends. The grantor’s purpose for including spendthrift language in a trust is to protect the trust assets set from the beneficiary’s creditors and to prevent the beneficiary from selling or assigning his or her interest in the trust. […]

Author: James F. McDonough

Link to post with title - "Will Spendthrift Language In A Trust Always Be Respected or Not?"

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