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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Scarinci Hollenbeck remains committed not only to providing top-tier legal services but also to regularly providing information and resources to our client base and internet following. Client Alerts provided by our attorneys supply businesses, municipalities, and more with the latest and relevant legal updates that may impact them and how they might be able to proceed.

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New Jersey Tax Changes to Watch for in 2017

Are you aware of these New Jersey tax changes? A new year is upon us and there are a number of tax developments that business and homeowners should keep an eye out for. Estate tax to go away New Jersey has been particularly harsh in the past taxing domiciled estates of deceased individuals. Prior to […]

Author: James F. McDonough

January 6, 2017

Will Tax Credit Partnerships Continue in 2017 & Beyond?

Tax reform is a current topic in the news and on talk shows. All agree that the Internal Revenue Code is complicated and there are two cases in the historical tax credit area that illustrate this point and the risk one faces in entering into a tax credit deal. Virginia Historic Tax Credit Fund 2001 […]

Author: James F. McDonough

January 4, 2017

Scarinci Hollenbeck

The IRS Issues New Partnership Rules for Disguised Sales & Liability Allocations

Recently, the IRS issued regulations to clarify definitions of partnership disguised sales and allocation of liabilities. Recently, the IRS issued regulations to clarify definitions of partnership disguised sales and allocation of liabilities. The new regulations have two specific stipulations relating to final and temporary and proposed rules: What are disguised sales? The regulation will prevent partners from […]

Author: James F. McDonough

December 13, 2016

Urban Enterprise Zones Come To An Abrupt End

The following is an excerpt from a notice that was issued by the Division of Taxation in the Department of Treasury of the State of New Jersey. NOTICE TO QUALIFIED BUSINESSES LOCATED IN URBAN ENTERPRISE ZONESEXPIRATION OF URBAN ENTERPRISE ZONES Effective December 31, 2016 at 11:59 p.m. On December 31, 2016, at 11:59 p.m., five […]

Author: James F. McDonough

November 22, 2016

President-Elect Trump Tax Strategy Draws Critics and Supporters

What is so compelling about the Trump tax strategy? Critics and supporters have been outspoken about Republican president-elect Donald Trump’s tax returns recently. According to a Politico report, the focus of the debate has been over the legality of Trump’s tax-minimizing strategies since 1995. Trump’s tax-minimization strategy draws criticism In a recent story published in the New […]

Author: James F. McDonough

November 14, 2016

Can You Guess What Country’s Financial Information Is Summarized Below?

Which country’s financial information am I describing? The financial crisis and subsequent world-wide events breathed new life into the scrutiny of governmental financial information reports. The renewed interest is, in part, due to an appreciation of risk and a lingering distrust as the result of being burned. One national government’s financial information report consolidates over […]

Author: James F. McDonough

November 9, 2016

Will Execution, Witnesses & Notaries – State Law Does Matter

Where state law matters in proper will execution We expect that as time passes, people become more sophisticated and aware of what must be done to execute a valid will. Unfortunately, this is not so. In certain states, execution of a will is complete when it is signed by a second witness. Some states require […]

Author: James F. McDonough

October 18, 2016

What Small Business Owners Need to Know About Personal Employment Tax

If you are a small business owner and receive income from your business for services, you will need to eventually pay employment tax as well as individual income tax on that money. As this is commonly misunderstood at tax time, many small business owners and sole proprietors end up with sizable IRS bills come tax […]

Author: James F. McDonough

October 14, 2016

New Partnership Audit Rules: the IRS’s Problem Is Now A Partnership Problem

The new partnership audit rules enacted as part of The Bipartisan Budget Act of 2015 (the “Rules”) are designed to collect more income tax. The new partnership audit rules enacted as part of The Bipartisan Budget Act of 2015 (the “Rules”) are designed to collect more income tax. The Internal Revenue Service (IRS) does not […]

Author: James F. McDonough

October 12, 2016

Changes To Lease Accounting Rules To Impact Business Acquisitions

Changes to lease accounting rules impact business financial statements and due diligence inquiries in sales and dispositions of businesses. The traditional financial statement would have finance leases and capital leases that users of financial statements would be able to interpret having some familiarity with the established concepts. What is now considered a lease? Now, under the […]

Author: James F. McDonough

October 7, 2016

Partnerships Can No Longer Treat Partners as Employees for Tax Purposes

New regulations change how partnerships treat partners as employees The IRS and the U.S. Department of Treasury recently issued regulations to address the way the former taxes partners in a partnership that has a sole owner of a non-corporate entity. Specifically, the regulations apply to partners employed by the partnership. According to a National Law Review report, […]

Author: James F. McDonough

August 18, 2016

3rd Circuit Court Overturns Decision in Giant Eagle Inc v Commissioner

What does overturned decision in Giant Eagle Inc v Commissioner mean for future of tax deductible liability regulations? The 3rd Circuit recently overturned an IRS decision with the assertion that Giant Eagle, a supermarket chain, was entitled to make a $3.7 million deduction on the expenses associated with loyalty discounts from its tax returns. According […]

Author: James F. McDonough

August 5, 2016

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