All posts by: Dustin W. McQuillan, CPA

Each small business needs to understand the risk of information, systems, and networks that support their business. As a Trusted Advisor, the Data Security Resource Guide for Tax Professionals helps us identity steps that we take to better protect our...
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You should know the difference between sales and use tax because consumers are liable for both.  It is up to businesses to collect and remit sales tax from consumer purchases unless the transaction is exempt.  There are different regulations that...
The Social Security Administration (SSA) has announced that the wage base for computing the Social Security tax (OASDI) in 2019 will increase to $132,900. This is up from $128,400 for 2018....
Hi, I am Dustin McQuillan, a CPA and entrepreneur in Tampa, Florida. For more than ten years, I have managed my firm, McQuillan & Company, and worked with numerous clients that have private investments including small business equities.  We engage...
Intuit’s QuickBooks Online is ideal for any business. We value your time and money. That’s why we recommend upgrading to the #1 online accounting solution that is affordable and easy to use. For less than $2 per day, you can...
Taxpayers who do not pay prescribed amounts of tax during the year through withholding or estimated payments are subject to the penalty for underpayment of estimated tax. The two most common ways to pay taxes throughout the year are withholding...
The IRS has released the final version of the 2018 Form 1065 (U.S. Return of Partnership Income) and draft instructions for that form. The form incorporates changes made by the Tax Cuts and Jobs Act (TCJA) and the new centralized...
If you don’t pay enough tax through withholding and estimated tax payments, you may be charged a penalty. Individuals, including sole proprietors, partners, and S corporation shareholders generally have to make estimated tax payments if they expect to owe tax...
A significant new tax deduction was provided by the 2017 the Tax Cuts and Jobs Act (the Act). For tax years beginning after 2017 and before 2026, individuals, estates, and trusts may be able to deduct up to 20% of...
The business deduction for meals & entertainment expenses has been changed. Congress has historically been skeptical that businesses claim expenses for activities that are unrelated to their essential functions.  As a result, entertainment expenses are no longer deductible but meal...