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Changes to Tax Laws for 2018


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...

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3 Tips for Planning Your Personal 2017 Taxes


Published on: Tue 21st Nov, 2017 By:

                                3 Tips for Planning Your Personal 2017 Taxes

               &nbs...

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Tax Planning Tips for Your Business


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...

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Tax Day 2014: April 15, 2014


Published on: Thu 2nd Nov, 2017 By:

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

...

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Newsmaker: Kevin McQuillan named to the Executive Committee of the Pennsylvania Film Industry Association


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 <...

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McQuillan Finds Efficiency as Smaller Operation


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...

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2012 Taxpayer Relief Act: Business and Investments


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...

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Could What You Post On Social Media Get You Audited By IRS?


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...

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KDKA Morning News: Kevin McQuillan - Tax Day 2015


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.

...

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KDKA Morning News: Kevin McQuillan - Tax Day 2016


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

...

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Expert Offers Tax Deadline Day Tips


Published on: Wed 1st Nov, 2017 By:

PITTSBURGH (KDKA) — There are many reasons people put off that trip to the Post Office with their tax returns until the last minute.

Some need more time, but many other owe money they simply don’t have.

“Don’t ignore it, it’s not going away,” said Kevin McQuillan, of the McQuillan Group LLC.

If you let the midnight deadline slip past, McQuillan says, “There are two main penalties, failure to file and failure to pay.” 

But if your tax preparer finishes the number crunching, or you hit the bottom line on your calculator and you owe more than you can afford to pay, there are things you can do.

“File the return if it’s complete or file for an extension, and pay what they c...

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