Taylor was signed for over £1m from Peterborough in the summer of 2012 but missed most of last season with a foot injury.
The striker made his return for the Tractor Boys off the bench at Blackpool at the weekend and scored the second goal, his first for Ipswich, before delivering the corner for Daryl Murphy's late winner as the Blues won their first away game of the season.
Speaking of 26-year-old Taylor, McCarthy told BBC Radio Suffolk: "We spent a lot of money on Tayls. A million quid or something - maybe more. He had a terrible injury.
"His goal was brilliant and we scored off his corner. He's a great player and it's good to have him back."
Three points took Ipswich into the top half of the table and four points off the top six.