The McQuillan Group News

Published on: Fri 4th Sep, 2020 By:

A few of our clients have been approached and asked to invest in the cannabis industry. We expect more contacts to occur.  While we are not offering investment advice, we want you to be aware of a few important issues related to a prospectus or financial forecast as part of the marketing effort of the investment that you will probably receive. We want you to be aware of the following so your due diligence can be as comprehensive as possible.

1. When examining the financial forecast within the prospectus, pay specific attention to the tax calculations.  Internal Revenue Code 280E penalizes “traffickers of controlled substances by denying them deductions from gross income.  Since cannabis is a Schedule 1 drug, this makes...
   
   View entire article

Published on: Fri 3rd Jul, 2020 By:

Minimizing the Effects of the "Induced Coma" on Your Company's Next 18 – 20 Months
Navigating the 80% Economy:  Working Capital and Liquidity in the Pandemic Age

What have we learned from "Pandemic Experience" during the last 90-120 days?

• That the unimaginable can become a reality.

• Planning horizons can disappear in an instant.

• Flexible technology needs to be in place and working.

• Adaptive leaders, managers, and teams matter.

• Operational and administrative flexibility and resilience matters.

• Your access to customers and their access to your products and services is vital;  Back and forth...
  
  View entire article

Published on: Fri 3rd Jul, 2020 By:

Navigating the 80% Economy:
Working Capital and Liquidity in the Pandemic Age A planning program being offered to our existing clients. Simplifying Strategy Development

Many of our clients have applied for the Paycheck Protection Program stimulus program, while fewer have applied for the Economic Injury Disaster Loans. In either case, the stimulus provides some relief against the economic damage your business may be experiencing as a result of the Coronavirus pandemic. While helpful, these programs will provide a limited amount of liquidity during the 3rd and 4th quarters of 2020.

The issue that The McQuillan Group is concerned about is the remainder of 2020. We do not envision a “V” shaped recovery for most of our...

View entire article

Published on: Mon 1st Apr, 2019 By:

...

View entire article

Published on: Fri 26th Jan, 2018 By:

On December 22, the President signed into law the Tax Cuts and Jobs Act of 2017 (TCJA). The 503‐page TCJA is the largest tax overhaul since the 1986 Tax Reform Act and it will affect almost every individual and business in the United States. Unlike the provisions for individuals, which generally expire after 2025, the business‐related provisions in the TCJA are permanent and generally take effect in tax years beginning after 2017.

For businesses, highlights of the TCJA include: (1) an increase in amounts that may be expensed under bonus depreciation and Section 179; (2) a 21 percent flat corporate tax rate; (3) a new business deduction for sole proprietorships and pass‐through entities; and (4) the elimin...

View entire article

Published on: Tue 21st Nov, 2017 By:

                                3 Tips for Planning Your Personal 2017 Taxes

               &nbs...

View entire article

Published on: Mon 13th Nov, 2017 By:

Fall is the perfect time to start tax planning for 2017. By taking the time now to meet with your tax advisor, you can proactively access your taxes, and can take advantage of tax provisions, deductibles and credits to reduce your tax liability.  The goal of tax planning is to reduce taxes, and have more control of your assets and investments.
                 
Here are a few quick tips to get you started.

Bonus Depreciation and Section 179
If you will need equipment for your business in the future, consider purchasing it prior to year end to take advantage of the biggest deductions available to bu...

View entire article

Published on: Thu 2nd Nov, 2017 By:

Kevin McQuillan is interviewed by Larry Richard of KDKA Radio regarding filing taxes and deadlines.

...

View entire article

Published on: Thu 2nd Nov, 2017 By:

By Thomas Olson, Business Writer
TribLive News - Date: Thursday, November 21, 2013

Noteworthy: McQuillan has been named to the executive committee of the Pennsylvania Film Industry Association, which promotes growth of the film, television and commercial industry in the state. 

Age: 48 

Residence: Upper St. Clair 

Family: Wife, Amanda; daughters Annabel, 13, and Kate, 11; son Thomas, 9 

Occupation: Certified public accountant and principal at The McQuillan Group, an accounting firm based on the North Shore 

Education: Bachelor's degree in business administration, Duquesne University, 1987 <...

View entire article

Published on: Thu 2nd Nov, 2017 By:

By Justine Coyne, Reporter
Pittsburgh Business Times - Date: Friday, August 9, 2013 

Working at a large, regional accounting firm, Kevin McQuillan and Krista Salera felt they weren’t being effective. While the pair worked well as a team, their style wasn’t working in a structure where multiple partners were going in other directions. 

In August 2010, they decided to break out on their own and establish The McQuillan Group, a boutique accounting firm. While they were not starting from zero — having effectively negotiated their way out of their previous practice, taking all of their clients and seven employees — there still were challenges. 

“We were worki...

View entire article

Published on: Thu 2nd Nov, 2017 By:

Date: January 2013 

After weeks of negotiation, Congress has passed the American Taxpayer Relief Act to avert the tax side of the "Fiscal Cliff" and bring some certainty to the Tax Code. Almost all taxpayers are affected by the numerous extensions and modifications. Many popular but temporary tax extenders relating to businesses are included in the American Taxpayer Relief Act. Among them is Code Sec. 179 small business expensing, bonus depreciation, the research tax credit, and the Work Opportunity Tax Credit. This letter provides some highlights of the American Taxpayer Relief Act as it applies to investments and business taxpayers.

INVESTMENTS

CAPITAL GAINS/DIVIDENDS SUNSETS
The American Tax...

View entire article

Published on: Wed 1st Nov, 2017 By:

By Jon Delano @CBSPittsburgh April 15, 2013 

PITTSBURGH (KDKA) -- At least 1.5 million tax returns are likely to be audited, and all kinds of red flags trigger an audit. But here’s a new one — something you post on a public site like Facebook or Twitter. 

"Don’t post on social media things you don’t want others to access like the IRS," says Kevin McQuillan, a certified public accountant.

It’s good advice, especially if the IRS finds questionable tax deductions on your returns that appear at odds with what you’re posting online — like claiming a trip to some resort as an expense. 

"Taking a business trip, and then blasting all over Facebook how mu...

View entire article

Published on: Wed 1st Nov, 2017 By:

KDKA Morning News: Kevin McQuillan - Tax Day 2015, CPA and Principal of the McQuillan Group gives advice to those who are waiting till the last minute to file their taxes.

...

View entire article

Published on: Wed 1st Nov, 2017 By:

KDKA Morning News: Kevin McQuillan - Tax Day 2015, CPA and Principal of the McQuillan Group gives advice to those who are waiting till the last minute to file their taxes

...

View entire article