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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Proposed Debt Allocation Regulations Produce Unexpected and Unwanted Results

IRS published new regulations in January that would upset 25 years of treatment of the allocation of liabilities. Under current rules, the determination of whether a liability is recourse to a partner (or related person) is determined by whether the partner has an obligation to make a contribution to any person because a liability is due and payable and […]

Author: James F. McDonough

July 23, 2014

Kansas Tax Cut Leads To Greater Deficit Than Anticipated

In 2012, Kansas lawmakers passed a large income tax cut that was intended to reduce revenue from taxes by a little more than 10 percent, according to Josh Barro writing for The New York Times. Gov. Sam Brownback said at the time that these cuts would create “tens of thousands of jobs,” which would more than […]

Author: James F. McDonough

July 18, 2014

New Congressional Report Highlights Tax Inversions

Most U.S. politicians agree that the tax code should be dramatically revamped, but little has been done so far to accomplish this goal. In an attempt to spur reform, Rep. Sandy Levin, D-Michigan, published a report examining the corporate practice of shifting headquarters overseas in order to dodge U.S. taxes, according to The Hill. Known […]

Author: James F. McDonough

July 14, 2014

New Durbin Bill Seeks To Keep Corporations From Exporting Jobs

With the increasing frequency of corporate inversions in recent years and the breakneck pace at which even domestic corporations are shipping jobs overseas, it isn’t surprising that the U.S. government wants to find a way to incentivize big companies to keep their jobs here. With the election coming up, there seems to be little chance of […]

Author: James F. McDonough

July 9, 2014

The Clintons Criticized For Estate Planning

The latest in the media is the revelation that the Clintons are using financial planning strategies that will fall on their heirs at the time of their death. According to federal financial disclosures, Bill and Hillary created residential trusts in 2010 and shifted the ownership of one of their homes into them the next year. The […]

Author: James F. McDonough

July 2, 2014

International Tax Trends

It is easy to discern a trend, especially in international taxation. One of the largest Swiss banks plead guilty to criminal charges for helping U.S. taxpayers avoid income taxes. Countries continue to enter into FACTA agreements with the U.S. rather than be shut out of the international banking system and U.S. markets. U.S. Senators rail […]

Author: James F. McDonough

June 23, 2014

Report Shows How Much Walgreens Stands To Gain with Inversion

Walgreens is just one of many U.S. companies to consider lowering its tax bill by moving abroad. This move, called an “inversion,” involves purchasing a foreign company and using it to alter the corporate structure so that the U.S. company is technically a corporate resident of the low-tax foreign country. Walgreens has been considering the […]

Author: James F. McDonough

June 18, 2014

Offshore Tax Havens Used By 70 Percent of Fortune 500 Companies

More than 70 percent of Fortune 500 companies maintain subsidiaries in offshore tax havens as of 2013, according to “Offshore Shell Games,” a report released May 5 by the U.S. More than 70 percent of Fortune 500 companies maintain subsidiaries in offshore tax havens as of 2013, according to “Offshore Shell Games,” a report released […]

Author: James F. McDonough

June 11, 2014

Tax Evasion

IRS Will Revise Rules Governing Nonprofit Groups’ Political Activity

The Internal Revenue Service (IRS) has announced that it will revise, without holding a public hearing, the proposed rules governing nonprofit groups’ involvement in politics. The rules, released last year, attempted to provide guidance for the political activity groups organized under section 501(c)(4) of the U.S. tax code could take without risking the loss of […]

Author: James F. McDonough

June 5, 2014

Pfizer, AstraZeneca deal may be dead in the water

Tax inversions have been covered heavily in financial media in recent months, causing a significant stir of public opinion regarding corporate tax rates and some discussion of government action. One of the most significant inversions to be considered is the one between Pfizer, the second largest global pharmaceutical company, and AstraZeneca, the eighth, according to […]

Author: James F. McDonough

June 4, 2014

Levin: Bill limiting corporate inversions later this week

The recent spate of corporate inversions, in which a U.S. business merges with a smaller foreign company in order to re-domesticate and thereby enjoy a more favorable tax environment, has much of Washington talking. Sen. Carl Levin, D-Michigan, said May 14 that he will introduce legislation later this week that would limit the ability of […]

Author: James F. McDonough

May 28, 2014

NY's Estate Tax Cliff

The new laws for the estate tax in New York are going to benefit a lot of state citizens in the upper middle class, many of whom have worked over the course of a lifetime to accumulate their wealth. Not everyone will benefit from the laws, however, as the financial “cliff” included in the language […]

Author: James F. McDonough

May 21, 2014

New York

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