Would your life be better off if it included a good relationship with an accounting firm that excels in personal service? Reality is you need help filing taxes, understanding the laws, answers to where are there tax breaks, and much more. We are the accountants for the artist, contractors, retailers, bar and restaurants, professionals, real estate owners, and a few more niches.Concentrating on only so many areas allows us to add value for less fee than every larger firm would charge. Know that the Tax Cut Act of 2017 has changed your world.
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Certified Public Accountant with over thirty years of experience in public accounting. You really want someone like Frank on the job with your taxes. Frank also holds a license to sell Life Insurance, Annuities, Health Insurance, Disability Insurance for individuals and employers. His motto goes something like.
Mention the word taxes and many people start sweating. The maze of tax forms you must wade through can seem overwhelming, and following the rules can seem impossible. But take heart: The Internal Revenue Service (IRS) has worked hard in recent years to try to simplify the process for most taxpayers.
A limited liability Corporation. This type of entity is a flow through entity. For more complicated partnership arrangements it offers some advantages. The IRS has now allowed these types of entities to report income on a form 1120S. This is big deal. For someone who is profiting and needs a LLC (over a Subchapter S corporation) this choice of filing becomes the best of both worlds. Know that in Illinois there is a franchise fee of $250 a year which is $100 more than what a 'regular' corporation would pay.
Reviews (12)
Bryan D.
Aug 31, 2020
I have worked with Frank for nearly 20 years, now. Some years my personal and business returns were easier than others. Frank and his staff are, and always have been, incredible. He is reliable, his advice is spot-on, and he is one of my most trusted advisors. Do not give it a second thought and be rest-assured that FT Karall & Co is excellent!
Ern E.
Jan 13, 2020
Frank, the owner of this business, was referred to me by a client of his -- someone I trust and respect. He demonstrated his inability to do his job after I presented my thorough and transparent tax needs (both in person and email correspondence) by dismissing me abruptly and stonewalling when I asked for a reason. Don't be fooled by his crunchy, eastern-philosophy-loving, scattered persona either. A wolf in sheep's clothing, this one.
William S.
Nov 28, 2017
The worst experience of my life, this company withholding my files for years after full payment, character assassination from underlings, and the most egregious the complete absence of opinion from Frank Karall, horrible customer service and the holding hostage of business files.completely illegal.stay away
Corri C.
Dec 16, 2015
Douglas S.
Dec 05, 2014
I have used Frank Karall for 5 years now. My tax preparation is not as difficult as some, but it's not easy. I have a regular paying job, but do some independent contracting on the side. Homeowner, loan payer, etc. Frank has an "easy going" laid back demeanor. I genuinely look forward to our annual meetings. Each year I bring in a huge disorganized stack of things I think I may be able to write off.
They sort through, categorize and take care of all of it. I fully trust them. Last year Charlie Grikas at FT Karall caught a (small) omission on a prior 2012 tax filing. He did all the paperwork, and game me easy instructions on how to amend my return. I got an additional $500 from the state of Illinois in July. I completely forgot I received the money and called him to look into it.
He did so graciously, and informed me that I'd already deposited the money. Opps, Thanks Charlie and Frank! Ultimately, I feel Frank and Charlie have my best interests in mind and have gone the extra mile to do a fantastic and thorough job. Highly recommended.
They sort through, categorize and take care of all of it. I fully trust them. Last year Charlie Grikas at FT Karall caught a (small) omission on a prior 2012 tax filing. He did all the paperwork, and game me easy instructions on how to amend my return. I got an additional $500 from the state of Illinois in July. I completely forgot I received the money and called him to look into it.
He did so graciously, and informed me that I'd already deposited the money. Opps, Thanks Charlie and Frank! Ultimately, I feel Frank and Charlie have my best interests in mind and have gone the extra mile to do a fantastic and thorough job. Highly recommended.
B. G.
Aug 08, 2014
I found it necessary to create a yelp review account after my conversation with this man today. I consider myself a polite and nice person and I treat others with a professional respect as well. I just spoke to him on behalf of my boss and simply asked him if he had a copy of one of our past tax returns he used as a frame of reference on a 2011 return he was supposed to file, that he did not file in time, and never filed, claiming extreme difficulties and man hours that had to put in to it to get it done.
He was extremely rude to me on the phone. He is basically holding our return hostage. He said I can buy it back from him for $200. Helpful hint to others in this situation, the IRS will give you a hardcopy of your return for 50 dollars. And this is a tax return he never owned and only was given as a reference tool, filed by a different accountant!
He called me "lame, " and mockingly said to me "what, you can't find your returns?" with an heir of satisfaction at our predicament. We knew from the start he had it. It was never an issue of our inability to locate paperwork. I was trembling at his callousness. He said he knew I'm not involved in the past mess, but still hung up on me anyway.
I maintained a polite demeanor the whole time, and don't deserve to be talked to that way. Also, based on other reviews, I won't be surprised if he sends me an angry email. I will ignore it.
He was extremely rude to me on the phone. He is basically holding our return hostage. He said I can buy it back from him for $200. Helpful hint to others in this situation, the IRS will give you a hardcopy of your return for 50 dollars. And this is a tax return he never owned and only was given as a reference tool, filed by a different accountant!
He called me "lame, " and mockingly said to me "what, you can't find your returns?" with an heir of satisfaction at our predicament. We knew from the start he had it. It was never an issue of our inability to locate paperwork. I was trembling at his callousness. He said he knew I'm not involved in the past mess, but still hung up on me anyway.
I maintained a polite demeanor the whole time, and don't deserve to be talked to that way. Also, based on other reviews, I won't be surprised if he sends me an angry email. I will ignore it.
Derek M.
Sep 29, 2013
Alicia R.
Apr 06, 2012
I am sorry to say I must agree with the first reviewer- I often walk by this establishment and always feel warm and cozy looking into the windows with the positive decor and inspirational messages displayed. Having just moved here and needing a new CPA, I immediately thought of the place near my house with the "positive karma" vibe. Enjoying this beautiful day and walking in with a smile on my face to ask about scheduling an appointment to get my taxes done- My happy mood was squashed in about 2 minutes.
I was treated as though I was an idiot, grilled about what I'm doing here in Chicago, asking me specifics on how much money I had, was told "Oh -well you are going to owe you know, " (really Mr. Jerk face- yeah I know that) And then after I was grilled about my job title- Mr. Karall felt the need to inform me that "you know, your job could become freelance at any time " in a very rude and condescending nature- insinuating that I should probably expect to lose it. REALLY BUDDY?
You know nothing about me, my financial situation, or my life. Thanks for the soul bashing Mr. Karall. I am well-aware that I am trying to get my taxes done at the last minute- I'm sure, of course, that I am the only one in existence that waits until the last minute to do their taxes. However my procrastination should not warrant the negative and harsh treatment I received. Oh- and I now understand the grilling of my financial status right up front- that probably had something to do with the ridiculous amount of money you were asking for to do my taxes- and of course your smug and condescending add in " Well, if you had asked me to do this in February" shrug "I wouldn't be asking for this much." I could buy a plane ticket back home to get my taxes done AND still have money left over with what you were asking me to pay.
I know that it is best to get your taxes done as early as possible- and that you are usually charged a bit more if it's later in the game- but that DOES NOT GIVE YOU THE RIGHT TO TREAT SOMEONE WITH SUCH DISRESPECT. I NEVER write reviews, but the treatment I received here was callous, harsh, unexpected- and very upsetting. But hey, I'm a big believer in karma too Mr. Karall. Thanks for your "advice." I'll make sure to pass it on. Namaste.
I was treated as though I was an idiot, grilled about what I'm doing here in Chicago, asking me specifics on how much money I had, was told "Oh -well you are going to owe you know, " (really Mr. Jerk face- yeah I know that) And then after I was grilled about my job title- Mr. Karall felt the need to inform me that "you know, your job could become freelance at any time " in a very rude and condescending nature- insinuating that I should probably expect to lose it. REALLY BUDDY?
You know nothing about me, my financial situation, or my life. Thanks for the soul bashing Mr. Karall. I am well-aware that I am trying to get my taxes done at the last minute- I'm sure, of course, that I am the only one in existence that waits until the last minute to do their taxes. However my procrastination should not warrant the negative and harsh treatment I received. Oh- and I now understand the grilling of my financial status right up front- that probably had something to do with the ridiculous amount of money you were asking for to do my taxes- and of course your smug and condescending add in " Well, if you had asked me to do this in February" shrug "I wouldn't be asking for this much." I could buy a plane ticket back home to get my taxes done AND still have money left over with what you were asking me to pay.
I know that it is best to get your taxes done as early as possible- and that you are usually charged a bit more if it's later in the game- but that DOES NOT GIVE YOU THE RIGHT TO TREAT SOMEONE WITH SUCH DISRESPECT. I NEVER write reviews, but the treatment I received here was callous, harsh, unexpected- and very upsetting. But hey, I'm a big believer in karma too Mr. Karall. Thanks for your "advice." I'll make sure to pass it on. Namaste.
A.-J. M.
Oct 17, 2011
I am so pleased with FTK and his staff. They have been awesome. They've been doing our taxes for 2 years now. We were so impressed by their expertise and professionalisim that we asked them to review our last 2 years of returns as our previous tax advisor had made a number of costly mistakes that the IRS pointed out to us. FTK and his team completed addendums on 3 of our previous years returns, netting us a very generous return. FTK caught errors in both years so egregious that they asked to review another additional year.
When the IRS (understandably) asked for back up, FTK was right there to assist us. Working with FTK was a great experience and we will continue to work with them in the future.
When the IRS (understandably) asked for back up, FTK was right there to assist us. Working with FTK was a great experience and we will continue to work with them in the future.
Jason W.
Jul 20, 2011
I have used Frank for over 5 years and I'm amazed at the previous negative review. I've never in half a decade heard him raise his voice above a quiet speaking voice and to my mind, aside from occasionally giving (I believe) unintentionally vague answers to some questions, he does an excellent job and has improved my tax situation considerably in my time as a client.
I should probably follow the previous reviewer other reviews and see how many other restaurants and services have met with his (I'm sure completely unprovoked) ire. If you like a laid back demeanor and honest advice from an accountant who is happy to work with clients that have unusual income/job situations, I urge you to give him a try. J. Ward Chicago
I should probably follow the previous reviewer other reviews and see how many other restaurants and services have met with his (I'm sure completely unprovoked) ire. If you like a laid back demeanor and honest advice from an accountant who is happy to work with clients that have unusual income/job situations, I urge you to give him a try. J. Ward Chicago
Carly L.
Mar 24, 2011
I agree with June, Mr. Karall is unprofessional and I would never recommend him to anyone. He had all of my information for two months before he even looked at it. It was obvious that he had no idea what he was doing because I was suggesting what to deduct. I finally just went and picked up the paperwork and told him I'd do it myself. What a joke and a waste of my time! Thank goodness I didn't give him a penny!
June B.
Oct 22, 2008
I unequivocally DO NOT recommend Mr. Karall's services. He prepared my taxes one year, but never again. His attitude was consistently negative each time we spoke, and he even became abusive towards me on more than one occasion. Again and again he painted a depressing image of my financial future with phrases such as "you've got big problems" and "I hate to be the bearer of bad news, but it's really bad." While I understood that I owed the IRS quite a lot of money and I appreciated his honesty to a point, I felt he went way overboard with his doom-and-gloom scenarios.
It is not necessary to depress your clients with such negative talk, and he was relentless about it, never failing to remind me of how "bad" my finances were each time we spoke. It's never that bad, and I am not in such a deep tax hole that I won't be able to get out of it. I cannot imagine what his motivations were for such extreme negativity: was he trying to scare me, and why?
So I would feel dependent on his services? There are plenty of accountants out there, and I certainly don't need him. I told Mr. Karall upfront, at our first meeting, that I was looking for a "proactive" accountant who would guide me through the tax process, and he seemed to understand and agree. Yet, each time I questioned him about my case, he refused to help or explain.
When I asked him questions about my taxes, he became impatient, speaking to me as though only an idiot would ask such questions. Excuse me, but if I were an expert in tax law, I could do my own taxes instead of paying an accountant to handle them for me. He also gave me unsolicited paternalistic and condemnatory advice such as "you need to take responsibility" and "you can't afford to live the life you're living." It was almost enough to make one consider suicide, so bleak and wretched were his assessments of my financial situation. Finally, he spoke to me in an abusive manner at least twice.
Once he yelled at me on the phone, and then, when I went to his office to pick up my return, he screamed at me. First, he threw my tax return at me and did not offer to go over it with me. Then, after I asked him the same question about my taxes that I had asked several times (because he had never really answered it), he literally screamed at me. To say Frank Karall is unprofessional in his dealings with clients is quite the understatement. AVOID HIM! Furthermore, after thorough inspection of the return that Frank had prepared, which I hired another accountant to review because I did not trust Mr. Karall, it was discovered that Frank made a mistake on my return RESULTING IN A SAVINGS OF OVER $3,000.00.
When I asked him to return the money I had paid him to do my taxes, he argued that he couldn't give me a refund "on principle" because of all my "drama." What an a-hole! As Kyle MacLauchlan's character said of Dennis Hopper's character in David Lynch's 1986 film "Blue Velvet": http://www.lynchnet.com/bv/sound/trouble.mp3
It is not necessary to depress your clients with such negative talk, and he was relentless about it, never failing to remind me of how "bad" my finances were each time we spoke. It's never that bad, and I am not in such a deep tax hole that I won't be able to get out of it. I cannot imagine what his motivations were for such extreme negativity: was he trying to scare me, and why?
So I would feel dependent on his services? There are plenty of accountants out there, and I certainly don't need him. I told Mr. Karall upfront, at our first meeting, that I was looking for a "proactive" accountant who would guide me through the tax process, and he seemed to understand and agree. Yet, each time I questioned him about my case, he refused to help or explain.
When I asked him questions about my taxes, he became impatient, speaking to me as though only an idiot would ask such questions. Excuse me, but if I were an expert in tax law, I could do my own taxes instead of paying an accountant to handle them for me. He also gave me unsolicited paternalistic and condemnatory advice such as "you need to take responsibility" and "you can't afford to live the life you're living." It was almost enough to make one consider suicide, so bleak and wretched were his assessments of my financial situation. Finally, he spoke to me in an abusive manner at least twice.
Once he yelled at me on the phone, and then, when I went to his office to pick up my return, he screamed at me. First, he threw my tax return at me and did not offer to go over it with me. Then, after I asked him the same question about my taxes that I had asked several times (because he had never really answered it), he literally screamed at me. To say Frank Karall is unprofessional in his dealings with clients is quite the understatement. AVOID HIM! Furthermore, after thorough inspection of the return that Frank had prepared, which I hired another accountant to review because I did not trust Mr. Karall, it was discovered that Frank made a mistake on my return RESULTING IN A SAVINGS OF OVER $3,000.00.
When I asked him to return the money I had paid him to do my taxes, he argued that he couldn't give me a refund "on principle" because of all my "drama." What an a-hole! As Kyle MacLauchlan's character said of Dennis Hopper's character in David Lynch's 1986 film "Blue Velvet": http://www.lynchnet.com/bv/sound/trouble.mp3
