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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Walmart Has Billions In Overseas Tax Havens. Time For International Tax Reform?

According to a Forbes report last week, Walmart has $76 billion in foreign tax havens. The report claimed that the world’s largest retail chain has 78 subsidiaries in 15 overseas tax havens where the company has no store locations. Walmart’s hidden assets The report claimed that Walmart is effectively avoiding U.S. corporate taxes on overseas […]

Author: James F. McDonough

July 21, 2015

What You Need to Know About the Gift Tax Exclusion & How to Potentially Avoid it

Currently, the gift tax exclusion threshold is $14,000, but most high net worth individuals will probably never pay the tax, according to the Motley Fool. This is due to the fact that even if individuals exceed the $14,000 limit, they will most likely only need to file a gift tax return and apply part of […]

Author: James F. McDonough

July 15, 2015

NJ State Senator Calls for Income Tax Hike and Estate Tax Cut - What it Means to You

The recent tax reform proposal from New Jersey State Senator, Raymond Lesniak, would create an income tax hike for residents over $350,000, but would also remove the estate tax. According to the NJ Spotlight, the income tax hike plan is estimated to generate more than $850 million in tax revenue, enabling the state to pay down its […]

Author: James F. McDonough

July 1, 2015

Scarinci Hollenbeck

Need To Know About Estate Tax Portability? We Can Help

Last week, the IRS announced its final rules on the estate tax portability of the deceased spousal unused exclusion (DSUE) amount, which clarifies that portability is only granted to executors if the gross value of the estate is below $5.4 million. Portability rules The new IRS rules specify that the surviving spouse can elect portability to use […]

Author: James F. McDonough

June 23, 2015

Scarinci Hollenbeck

Monsanto's Proposed Tax Inversion Plan

U.S.-based agrochemical giant Monsanto Co. is currently negotiating a $45 billion buyout proposal of rival Syngenta as a tax inversion strategy to relocate to the UK, according to the Financial Times. If Monsanto’s proposed tax inversion plan is accepted, this would mark the largest tax inversion in U.S. history with estimated annual savings close to $500 million. […]

Author: James F. McDonough

June 16, 2015

Scarinci Hollenbeck

End the Double Taxation Created by the Estate Tax

Double Taxation & the Federal Estate Tax As many lawmakers push to end the federal estate tax for good, one national senator has written a letter to the Twin Falls Times-News, contending that this particular policy may be one of the least fair taxes on the books due to the double taxation it creates. In […]

Author: James F. McDonough

June 12, 2015

Scarinci Hollenbeck

Levying State Corporate Income Tax A Waste Of Time

“Levying a state corporate income tax is a waste of time“, tax expert, David Brunori, wrote in The Tax Analysts Blog. Brunori, research professor at George Washington University and deputy publisher of Tax Analysts, asserted that states should repeal this particular policy. “States should, at the very least, conduct an honest inquiry into why they have […]

Author: James F. McDonough

May 21, 2015

2015 Gift Tax Limit Remains Steady

The federal gift tax limit will remain the same this year as it was last year, according to the IRS. As a result, a taxpayer (donor) may gift as much as $14,000 to each recipient (donee) without being required to file a gift tax return or paying gift taxes on these amounts. In addition, married couples can […]

Author: James F. McDonough

May 14, 2015

Corporate Income Tax Policy Deeply Flawed

U.S. corporate income tax policy is currently riddled with problems and in dire need of reform, Treasury Department official Mark Mazur stated during a lecture focused on current issues in taxation. Mazur, an assistant secretary for tax policy, emphasized the U.S. corporate income tax policy rate is high relative to other countries, and that this situation […]

Author: James F. McDonough

May 12, 2015

Everyone Has An Opinion On Estate Tax Reform

Currently, just about everyone has an opinion on estate tax reform. A proposal to permanently repeal the federal estate tax has obtained approval in the U.S. House of Representatives, but there are many – including lawmakers, policy analysts and various kinds of experts – who have spoken their opinion on estate tax reform. Opponents of […]

Author: James F. McDonough

May 4, 2015

Scarinci Hollenbeck

Some Differences In Tax Planning Between Jurisdictions

Despite a common language, there are differences in tax planning when it comes to the United Kingdom (UK) and the United States (US). The differences in tax planning are the direct result of a trends or a structural changes in tax law. Clearly, the trend is against the accumulation of wealth inside of trusts. Trusts […]

Author: James F. McDonough

May 1, 2015

Tax Reform Is An Urgent Issue In The U.S.

Washington is in urgent need of tax reform, and as a result, lawmakers should seriously consider improving the current system, writer Nick Novak emphasized in a recent Washington Times article. Urgent need for tax reform Novak, director of communications for think tank the John K. MacIver Institute for Public Policy and contributor for the Washington Times, […]

Author: James F. McDonough

April 16, 2015

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