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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Internal Revenue Code Is Complex...Let's Begin to Decipher

The Internal Revenue Code is complex The fact that various internal revenue code sections are enacted into law does not necessarily mean that every nuance has been explored in crafting language. Often times, the collateral consequences of a new statute upon other areas of the internal revenue code is not considered. All too often the […]

Author: James F. McDonough

January 6, 2015

Senator Ben Cardin Introduces Value Added Tax Legislation

With all of the talk about whether or not tax reform is possible in Washington right now, it is surprisingly easy to forget about the important side of the discourse: What is it that we want from a reformed tax code? Earlier this month, Sen. Ben Cardin, D-Maryland, introduced tax reform legislation that completely breaks […]

Author: James F. McDonough

December 30, 2014

Scarinci Hollenbeck

The Perils of the Last Known Address

The Last Known Address rule embodies one of the great unrecognized perils of taxation. The rule provides that the IRS must send notices, such as a Notice of Deficiency for assessed taxes, to the last known address. A taxpayer has 90 days from the date of the Notice of Deficiency to contest the deficiency in […]

Author: James F. McDonough

December 22, 2014

Burger King Is About To Save Big By Moving To Canada

As was widely reported a few months ago, Burger King is expected to complete a corporate inversion by purchasing Canadian donut company Tim Horton. Spinning both companies into subsidiaries of a new, multinational fast-food company headquartered in Canada. New numbers released by tax watchdog Americans for Tax Fairness showed just how much Burger King will be […]

Author: James F. McDonough

December 17, 2014

Texas Bill Would Repeal State Business Franchise Tax

Texas state legislators hit the ground running following the election, taking advantage of the Nov. 10 chance to pre-file bills for the coming 84th Legislature. The 84th Legislature doesn’t officially start until January, but that didn’t stop lawmakers from pre-filing bills that demonstrate where they stand on a variety of new and old issues, according […]

Author: James F. McDonough

November 18, 2014

Can I Leave My Estate To My Pet?

Every year, there are a few individuals who want to leave part or all of their estate to their pet. Unfortunately, pets are considered property, and property cannot own other property. This leaves an interesting conundrum for dedicated pet owners, but there are a couple of ways around it. So, now the question remains – […]

Author: James F. McDonough

November 6, 2014

AbbVie - Shire Deal Collapses, Calls For Corporate Tax Reform

Despite insisting a few months ago that his company’s upcoming merger with UK-based Shire was not for the tax impact, the CEO of U.S. pharmaceutical maker AbbVie blamed U.S. Treasury Department rules for its decision to shutter the deal. AbbVie explained in a recent statement that its proposed merger with Shire had to been terminated as […]

Author: James F. McDonough

October 27, 2014

Scarinci Hollenbeck

Clash Over Corporate Tax in North Carolina Utilities Commission

A decision by the North Carolina Utilities Commission has triggered internal protest that highlights a rift between Democrats and Republicans. According to NewsObserver.com, the commission has ruled that the state’s utilities can continue to charge their customers for a corporate tax rate higher than the rate that they actually pay. This decision has introduced strong tensions […]

Author: James F. McDonough

October 22, 2014

Warren Buffet Wants Higher Taxes

The ‘Oracle of Omaha,’ billionaire investor Warren Buffet, is still touting the importance of higher taxes. Buffet said Oct. 6 that the recent White House action to limit tax inversions – in which companies shift their headquarters outside the U.S. to lower their tax bills – provides a good “time out” for the government to work on a […]

Author: James F. McDonough

October 21, 2014

Scarinci Hollenbeck

Estate Wins Legal Victory Over Art

Estate tax is often a confusing and difficult field in normal circumstances, but things can really get complicated when an estate’s holdings are unusual. One of those unusual holdings is art, which is notoriously difficult to value. A recent ruling by the Fifth Circuit Court may serve to clarify the way that art can be […]

Author: James F. McDonough

October 16, 2014

New Jersey Tax Attorney

Inherited IRAs Are No Longer Absolutely Safe From Bankruptcy Claims

The U.S. Supreme Court decided that inherited Individual Retirement Accounts (IRAs) do not qualify as retirement funds and are not exempt from claims of creditors under the Bankruptcy Code §522(b)(3)(C). The Supreme Court resorted to the plain meaning of the words and held that retirement funds are sums of money set aside for an individual […]

Author: James F. McDonough

October 8, 2014

Bill Clinton Discusses Corporate Taxation

During an interview with CNBC, former President Bill Clinton discussed corporate taxation and the controversial practice of “inverting,” a tax move that involves merging with a company in a low-tax country to obtain foreign tax status. Taking a stance that has been frequently espoused by conservative politicians, Clinton told CNBC’s Becky Quick that the U.S.’s […]

Author: James F. McDonough

October 1, 2014

Tax Attorney

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