Michael W. Karal CPA
Senior Tax & Compliance Manager
Mr. Michael W. Karal CPA has over 35 years of tax, compliance, and accounting experience including vast expertise in consolidated and separate company tax returns and well as federal and multi-state corporate tax returns. Mr. Karal has experience working with all levels of internal management and outside tax professionals.
As Senior Tax & Compliance Manager at MainStream Management, Mr. Karal is responsible for overseeing tax compliance for client projects, which includes preparation of Schedule K-1s, Form 1065s, foreign information filings, and tax estimates. Mr. Karal prepares and analyzes quarterly and annual public company financial statement tax provision using FAS 109 principles. Mr. Karal works with internal client staff members to successfully complete tax audits and projects.
In addition to being Senior Tax & Compliance Manager at MainStream Management, Mr. Karal is President and Founder of Michael W. Karal CPA Tax & Accounting Services. Mr. Karal leads and manages multiple tax engagements to deliver quality service for clients. Mr. Karal and his firm prepares and reviews federal and state income taxes for individuals, businesses, benefit funds, real estate, and exempt organizations. He prepares internal memoranda, written correspondence/guidance, private letter rulings and other documents for submission to the IRS or Treasury Department as well as manages multiple clients, budgets and production goals.
Prior to forming his own firm, Mr. Karal was Assistant Director - Tax & Compliance at AEGON USA, Inc. While in this position, he successfully resolved several large IRS audits. He was directly responsible for working with the IRS and other taxing agencies in ensuring of the company’s reporting.
As Assistant Director - Tax & Compliance, Mr. Karal directly managed a team of over 20 professional staff members. He led the team in researching and resolving complex tax matters and other issues as they were raised. In addition, Mr. Karal participated on AEGON USA, Inc.’s litigation team to resolve various state tax issues.
Before being promoted to Assistant Director - Tax & Compliance, Mr. Karal was Compliance and Financial Reporting Manager with AEGON USA, Inc. Mr. Karal was responsible for overseeing and executing special tax projects, and for calculating current and deferred taxes under various accounting principles (US GAAP, statutory accounting principles and Dutch accounting principles).
Mr. Karal joined AEGON USA, Inc. as Senior Tax Accountant and was responsible for supervising, training and delegating duties to junior-level tax accountants. He worked closely with clients and prepared federal and state tax returns. In addition, he reviewed tax forms for accuracy, analyzed and estimated tax payments, and assisted clients with compliance issues
Mr. Karal began his career at Mosebach, Griffith & Company, where he specialized in preparing corporate and individual income tax returns. In addition, Mr. Karal was responsible for tax research, helping organizations to file their incorporating papers, preparing financial projections, assisting in IRS examinations, and helping to fill out SBA loan applications.
Mr. Karal is a received his Bachelor of Business Administration degree from the University of Iowa and is a Certified Public Accountant (CPA).