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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The Accidental American

The imposition of penalties asserted against holders of undeclared offshore accounts has received much attention. Coupled with criminal prosecutions, including foreign banks, such as Credit Suisse and two of its bankers, should convince American citizens of the importance of compliance. The compliance obligation also applies to resident aliens and this is not surprising. The untold […]

Author: James F. McDonough

March 30, 2015

House Committee To Vote On Estate Tax Repeal

The House Committee plans to vote on legislation that would repeal the federal estate tax during the week starting Monday, March 23. The group of lawmakers will consider such a move after Rep. Kevin Brady (R-Texas) introduced the Death Tax Repeal Act of 2015 in February, according to Accounting Today. Estate tax proposal While opponents of the […]

Author: James F. McDonough

March 23, 2015

Scarinci Hollenbeck

Business Roundtable Urges Corporate Tax Reform

The Business Roundtable recently urged a reform of federal corporate tax policy, and John Engler, president of the industry representative, presented this view to Washington lawmakers on March 11. During a Senate hearing about balancing the federal budget, Engler, a former governor of Michigan, emphasized the importance of pro-growth policies. Corporate Tax Policy The former […]

Author: James F. McDonough

March 16, 2015

Scarinci Hollenbeck

Top Steps For Minimizing Estate Taxes

Worried about estate taxes? If you want to generate the lowest burden possible, follow some basic steps to ensure the proper way of minimizing estate taxes 1) Planning is crucial: First and foremost when it comes to minimizing estate taxes, keep in mind that a failure to plan is a plan for failure. While many […]

Author: James F. McDonough

March 10, 2015

Obama Proposes Federal Estate Tax Overhaul

Pres. Barack Obama proposed a major overhaul of federal estate tax policy during his State of the Union address. These measures could have significant implications for a wide range of Americans, including the wealthy and those who inherit valuable items such as businesses. Proposed change in basis Existing policy uses the higher of the deceased’s […]

Author: James F. McDonough

March 4, 2015

Massachusetts Lawmaker Proposes Estate Tax Cut

In January, Massachusetts Lawmaker, Shawn Dooley proposed cutting estate taxes in the Bay State in an attempt to prevent elderly citizens from moving to other states. The Massachusetts Lawmaker revealed that if an estate is worth more than $1 million, the state levies taxes between 8 and 14 percent of that value, The Sun Chronicle […]

Author: James F. McDonough

February 25, 2015

Scarinci Hollenbeck

Does Corporate Tax Policy Discussion Need A New Approach?

Corporate tax policy should emphasize providing companies with proper incentives so they can focus on earning the highest pretax profits, instead of producing the greatest after-tax profits, Josh Barro recently wrote in The New York Times. Corporate hiring decisions Barro, a NYT correspondent and former senior fellow for the Manhattan Institute for Policy Research, bemoaned the current […]

Author: James F. McDonough

February 24, 2015

Scarinci Hollenbeck

New Tax For Finance Firms Proposed By Obama

Pres. Barack Obama proposed a new tax on financial institutions during his State of the Union Address earlier in January. The new tax policy, which would levy a seven-point basis fee on the total liabilities of roughly 100 financial firms with more than $50 billion in assets, would generate an estimated $110 billion in tax […]

Author: James F. McDonough

February 3, 2015

Medical Device Tax Proposal Repealed by Lawmakers

The tides may be changing in regards to medical device tax in Obamacare… On Jan. 7, a bipartisan group of lawmakers forecast the U.S. House of Representatives would finally succeed in its efforts to repeal the medical device tax component of Obamacare, after pushing this agenda for years. New bill wins support of House The […]

Author: James F. McDonough

January 28, 2015

Scarinci Hollenbeck

US Corporate Income Tax...What To Do?

US Corporate Income Tax…Should we take it or should we leave it? Many have given their input on why should maintain or eliminate the US corporate income tax, and market experts recently provided some compelling arguments on this topic. Columnist makes case for eliminating the US corporate income tax On Dec. 29, 2014, Wall Street […]

Author: James F. McDonough

January 22, 2015

Lower Corporate Taxes Are Set For Many States in 2015

As the ball drops to mark the new year, North Carolina will lower corporate taxes for 2015. Beginning in 2015, North Carolina’s lower corporate taxes will have a 5 percent difference from the current rate of 6 percent as a result of a tax overhaul passed in 2013, according to Triangle Business Journal. The bill […]

Author: James F. McDonough

January 15, 2015

Partner’s Interest May Be More Difficult To Determine

Determining A Partner’s Interest In a Partnership One might think that determining a partner’s interest in a partnership is easy and that strict rules provide absolute certainty. This is not the case. The rights conferred by states under partnership, limited partnership or limited liability company law do not define a partner’s interest for federal tax […]

Author: James F. McDonough

January 13, 2015

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