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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Businesses Can Avoid Being Audited

Tax law allows the Internal Revenue Service to audit a business if it feels that there is a mistake with a tax return. However, according to Inman, audits are on the decline. IRS statistics showed that the rate for small corporation to be audited was 0.95 percent, whereas this number jumped to 15.84 percent with corporations […]

Author: James F. McDonough

February 3, 2014

3 Last Minute Tax Tips for Business Owners

Tax law requires business owners to file taxes by a certain date, which is coming up quickly. To ensure a successful tax season, owners may want to consider the following last-minute tax tips: 1. Consider green initiatives: State and federal government has made it attractive for business to deploy green initiatives. According to Forbes, business […]

Author: James F. McDonough

January 29, 2014

CFCs, Disregarded Entities, Partnerships and Subpart F Income.

Taxpayers adopt different structures when conducting business around. PLR 201330006 contains such an example where using various entities and the regulations avoids Subpart F inclusions. A U.S. taxpayer was a “U.S. shareholder” in a foreign company, formed in country A, treated as a corporation for U.S. tax purposes (CFC). U.S. shareholders are required to take […]

Author: James F. McDonough

January 23, 2014

CCA 201336018 / Collateral Consequences for Foreign Tax Purposes

The payment of interest, other than in currency, between related corporations carries consequences for the calculation of the foreign tax credit (FTC). Chief Counsel Advice 201336018 (CCA) addresses such a situation in a U.S. consolidated group setting. The facts in the CCA are a U.S. parent corporation (P) owned all of the shares of two […]

Author: James F. McDonough

January 21, 2014

No Benefit to Filing Tax Returns Early

The beginning of the year generally means business owners, investors and individuals begin to prepare their taxes. However, thanks to the government shutdown in October, tax season in 2014 has been delayed, according to CNN Money. Instead of accepting 2013 tax returns on Jan. 21, the Internal Revenue Service won’t begin to take them until […]

Author: James F. McDonough

January 15, 2014

4 Steps to Successful Estate Planning

While nobody wants to think about life after they are gone, being prepared is important, which is why people should take estate planning seriously. By completing the necessary steps, people can ensure that their children and spouses are taken care of should the unfortunate happen. The following are four steps that can be taken to […]

Author: James F. McDonough

January 13, 2014

Advantages of the gift tax law

The Internal Revenue Service has so many tax laws that people may struggle to remain informed. One rule that could prove beneficial to people is the gift tax. Taxpayers are able to give $13,000 per year to as many donees as they desire, as long as the gift is deemed present interest by the IRS, which means […]

Author: James F. McDonough

January 10, 2014

Tax Tips to Get Businesses Ready for 2014

It is officially 2014, which means tax season is right around the corner and businesses need to begin preparation. The following are some tax tips companies can use to get ready for this tax season: – Review subcontractor data: Tax law requires businesses to submit a Form-1099 to any subcontractor that was paid more than $600 […]

Author: James F. McDonough

January 8, 2014

What Americans Should Know About The 2014 Tax Brackets

With only a few days left until the new year rolls in, many Americans are conducting their year-end tax planning and establishing their tax plans for 2014. The Internal Revenue Service recently released the income tax brackets for the 2014 tax year, which will be essential in helping individuals make informed decisions about their various […]

Author: James F. McDonough

January 1, 2014

Tina Turner: No Longer Looking For a Job in the City

Tina Turner rose to fame, in part, on the song Proud Mary, whose lyrics begin with: “Lookin’ for a job in the city.” Recently, the Washington Post announced that Tina Turner relinquished her U.S. citizenship. Another publication stated that, for income tax purposes, there is a distinction between renouncing and relinquishing a person’s U.S. citizenship […]

Author: James F. McDonough

November 27, 2013

Is Your Shareholder Succession Plan Subject to ERISA or Not?

Up to now, many firms could not conceive of a succession plan as being subject to ERISA. Fortunately, the Fifth Circuit, in Cantrell v. Briggs & Veselka Co., confirmed a 2-1 decision after a rehearing and held that deferred compensation provisions in two employment contracts did not constitute a plan under ERISA. This decision does […]

Author: James F. McDonough

November 12, 2013

ERISA

BMC Software – The Complexity of the Code

One of the irritating aspects of the Internal Revenue Code is the complexity its tax law interactions and its various provisions. BMC Software Inc. v Comm., 141 TC No. 5 (2013) illustrates this point. BMC and its European Holding Company entered into a cost sharing arrangement (“CSA”) to develop computer software. Later, in 2002, BMC […]

Author: James F. McDonough

November 7, 2013

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