James F. McDonough, Jr.

The Senate passed The Marketplace Fairness Act (the “Act”) and sent the bill for consideration to the House.  The Act provides that internet retailers must collect sales tax on out-of-state transactions reversing the holdings of cases and interpretations of statutes that protected out-of-state sellers for decades. There is a long history of case law that [...]

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Are Bitcoins Taxable? Uncertainty Persists
Posted on Wednesday May 08, 2013
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Are Bitcoins Taxable? Bitcoins are becoming more visible and popular among consumers, and many investors are even focusing on the prospects that this digital currency may yield. As the demand for Bitcoins - which are used in a digital environment as real cash - increases significantly, the Internal Revenue Service may set its sights on [...]

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Asset Protection – State Law Does Matter
Posted on Tuesday April 30, 2013
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State law does matter in the selection of a jurisdiction in which to create a domestic asset protection trust (APT). A brief (and incomplete) history of APTs may help the reader understand why. Common law prevented an individual from establishing a trust to protect one’s assets from the claims of creditors where he or she [...]

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DOJ Sends Word of Caution to Tax Evaders
Posted on Wednesday April 24, 2013
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As the tax deadline nears and individuals rush to submit their returns to the Internal Revenue Service, the Department of Justice is sending a stern warning to those who hold offshore accounts: Don't hide your income. Emboldened by the growing success of its Offshore Voluntary Disclosure Program and the rising number of financial account information-sharing [...]

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New Jersey Adopts a New Remedy for Resolving Conflicts Among Members of LLCs
Posted on Thursday April 11, 2013
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New Jersey adopted the Revised Uniform Limited Liability Company Act (RULLCA) and it became effective on March 20, 2013 for all new limited liability companies (LLC) formed after that date.  The law becomes effective on March 14, 2014 for all existing New Jersey LLCs. What may come as a surprise to some is that operating [...]

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