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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Victoria's Secret Lawsuit May Have Tax Implications

The outcome of a Victoria’s Secret lawsuit may have significant tax law implications for companies that use U.S.-based contract manufacturers, according to a new Reuters analysis. L Brands Inc, owner of Victoria’s Secret and Bath & Body Works stores, is currently involved in a tax case surrounding whether $25.4 million in tax breaks are valid. A […]

Author: James F. McDonough

April 8, 2013

Tax Breaks

ObamaCare, the Search for a Marginal Tax Rate and an Unlikely Opportunity

Clients ask tax advisors to compare alternatives by illustrating the net tax effect of the choices available to the client. In order to compute the tax effect, one must assume a certain tax rate to use in the calculation. There are times, such as now, when the choice of a tax rate is not readily […]

Author: James F. McDonough

April 2, 2013

IRS Reports Sequester May Mean Fewer Audits

The Internal Revenue Service has been trying to close the multibillion-dollar tax gap through voluntary disclosure programs, amnesty initiatives and a higher number of audits in recent years. However, the recent across-the-board spending cuts that reduced the operating budgets of several federal agencies may have an impact on the tax agency’s ability to go after […]

Author: James F. McDonough

March 18, 2013

Former Chicago Bears' Chris Zorich Pleads Guilty to Tax Evasion

Chris Zorich, the former lineman for the Chicago Bears, plead guilty to tax evasion, including failing to file federal income taxes for four years. The ex-NFL star allegedly failed to file federal returns between 2006 and 2009, and is also being charged with generating income relating to work for his charity, deferred payments from the Bears, […]

Author: James F. McDonough

March 13, 2013

Tax Evasion

Israeli Banks May Be Target of U.S. Tax Evasion Case

The U.S. has entered into agreements with several countries to help curb the incidence of tax law violations on the part of Americans. While many foreign banks have admitted to facilitating Americans in hiding income, the U.S. government may soon set its sights on two Israeli banks for complicity in tax evasion. Zvi Sperling, an […]

Author: James F. McDonough

March 11, 2013

Ja Rule Released From Prison in Gun Case To Serve Time for Tax Evasion

Rapper Ja Rule, whose real name is Jeffrey Atkins, was recently released from federal prison for illegal gun possession only to be sent into custody for failing to comply with federal tax law. The Platinum-selling rapper served most of his two year sentence for possessing illegal firearms, and was recently escorted by U.S. Marshals to […]

Author: James F. McDonough

February 25, 2013

Mary J. Blige Faces Tax Lien on New Jersey Mansion

Grammy winner and R&B artist Mary J. Blige is facing a host of financial issues that recently culminated in a $900,000 tax lien being placed on her home. The state of New Jersey imposed the lien on Blige’s 18,250-square-foot mansion in Saddle River after Blige violated tax law by failing to pay back taxes. She bought the home […]

Author: James F. McDonough

February 21, 2013

New Jersey

Court Rules UBS Owes No Money to "Tax Cheats"

UBS will not be required to pay damages to U.S. clients who were caught for tax law violations and forced to pay back taxes, interest, and penalties to the Internal Revenue Service. The 7th U.S. Circuit Court of Appeals in Chicago handed down the ruling, and scolded the “tax cheats” for seeking recovery in the “travesty” […]

Author: James F. McDonough

February 13, 2013

Government Issues Final Rules on FATCA

Foreign financial institutions that shelter Americans’ offshore funds will now be required to comply with the final rules on FATCA issued by the U.S. Department of Treasury and the Internal Revenue Service. The federal officials announced that they have finalized regulations relating to U.S. tax law compliance and offshore accounts. The groups said that many […]

Author: James F. McDonough

February 11, 2013

Oldest Swiss Bank to Close After Pleading Guilty to Helping U.S. Clients Evade Taxes

Wegelin and Co., the oldest bank in Switzerland, will soon shut its doors following a guilty admission for helping American clients evade U.S. tax law by hiding more than a billion dollars in income from the Internal Revenue Service. Otto Bruderer, an official at the 270-year-old Swiss institution, entered the guilty plea on the bank’s […]

Author: James F. McDonough

February 8, 2013

Business Owners: Avoid Tax Compliance Hang-ups Related to Independent Contractors

Avoid Tax Compliance Issues There are a number of perks to hiring independent contractors for jobs, rather than relying on salaried employees. However, there can also be potential tax law missteps related to issuing forms to freelance workers, making it important for business owners to tread cautiously around filing season. Failing to comply with federal […]

Author: James F. McDonough

February 6, 2013

Judge Authorizes IRS to Seek Bank Records From UBS

The IRS is within its rights to request financial records from UBS of U.S. taxpayers suspected of hiding their income in accounts with Swiss bank Wegelin, a court ruled. U.S. District Judge William Pauley granted the Internal Revenue Service a motion to issue a “John Doe” summons – which requests information about possible tax fraud committed by individuals […]

Author: James F. McDonough

February 1, 2013

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