Who We Are

Partner

Karl M. Baumann, CPA, PFS

Karl M. Baumann, CPA, is a Co-Founder and Partner of Baumann & Baumann CPAs. In this role, Karl specializes in rendering attest, tax compliance, and consulting services to closely held companies and high net worth individuals.

Prior to founding Baumann & Baumann, Mr. Baumann was a Senior Tax Manager at Gaffin Helman & Co. in Boston, MA, where he was in charge of the Tax compliance Function. He was also responsible for supervision of all Tax Compliance Activities, including the preparation and review of corporate, partnership, and fiduciary income tax returns for public corporations and closely-held businesses which operate in a multi-state, New England regional environment. Mr. Baumann also spent one year at Arthur Andersen in Boston, MA, as a Senior Tax Manager. Mr. Baumann was responsible for servicing the tax needs of large corporations and their executives; structured leveraged, corporate reorganizations and provided tax planning services to public and numerous closely-held companies and their shareholders. 

Karl was a Staff Person at Peat Marwick in (Now KPMG). Mr. Baumann joined the Dallas, Texas office in February of 1984 as a Tax Staff person and was promoted to Tax Manager in less than 2-1/2 years. Karl gained broad exposure to various industry segments, including the manufacturing, real estate, banking, and retail industries. His responsibilities involved a service commitment to the insurance and savings and loan industries and significant work in the real estate industry. Prior to Peat Marwick, Karl was assigned to the Dallas, Texas office as an audit staff person performing tests of account balances, compliance with internal controls, and preparation of financial statements for closely held businesses. 

Mr. Baumann holds a BSA in Accounting from the University of North Texas, where he graduated with Honors. He also holds a Masters of Science in Accountancy (MSA) from the University of North Texas, where he graduated with High Honors. Mr. Baumann is a member of AICPA. In his free time, he enjoys golfing, swimming, spending time with his family, and traveling to Germany.

Partner

Elizabeth R.F. Baumann, CPA

Elizabeth “Betsy” Baumann, CPA, is a Co-Founder and Partner of Baumann & Baumann CPAs. In this capacity, Betsy is responsible for general services, with professional responsibility for rending accounting, auditing and tax services to closely-held businesses and not-for-profit organizations. Prior to founding Baumann & Baumann, Betsy was a Supervising Tax Consultant at Deloitte, Haskins & Sells where she was responsible for the supervision of tax staff and the preparation and review of corporate, partnership, fiduciary and individual income tax returns for closely-held businesses and their shareholder owners. 

Prior to her time at Deloitte, Mrs. Baumann spent two years at Ernst & Whinney (now Ernst & Young), in Dallas, Texas as a Staff Accountant. In this capacity, Betsy’s responsibilities included assistance to corporations, partnerships, and individual in accounting, auditing and tax compliance. Areas of specialization included health care, not-for-profit, financial institution and commercial entities, including interface with client personnel in connection with the resolution of professional issues. 

Mrs. Baumann also spent two years at Arthur Andersen in Dallas, TX, where she worked as an experienced audit staff person, supervising and performing audit engagements including the planning and performance of audits, planning and performance of fieldwork including the preparation of financial statements and tax returns. She also evaluated current accounting systems and determined the effectiveness of internal control procedures; advised client management of need for specific improvements in internal control structure. 

Mrs. Baumann holds a BBA in Accounting from Southern Methodist University. She also holds a Masters of Science in Taxation (MST) with Distinction from Bentley University. Mrs. Baumann is a member of AICPA. In her free time, she enjoys spending time with her three dogs; one black lab and two dachshunds, and her beloved husband and kids.

Partner

Kevin Macdonald, CPA, CGMA

Kevin is a partner at Baumann & Baumann CPAs. He has over 30 years of experience serving closely-held business and their owners on accounting, tax and other financial issues.  Before joining our firm, he spent 10 years at RSM and prior to that for 17 years was a founder and director of a local firm and worked at a regional firm for five years,

He now provides assurance and tax services to owner managed private companies in a variety of industries including distribution and light manufacturing, professional services, real estate and technology based start-ups.  These companies generally have revenues under $25 million.  Kevin also provides tax compliance and consulting to those companies, their owners and other high net-worth individuals and families.

He is a CPA in Massachusetts and a member of the AICPA, Massachusetts Society of Certified Public Accountants and the Association for Corporate Growth (former board member of ACG Boston).

Kevin is currently on the board of jfyNetworks a Boston not-for-profit that provides technology-based support for students that need help with college and work readiness. He is also a board member on the Wellesley Free Library Foundation, a supporting organization for the Wellesley MA Free Library.

Kevin is a graduate of Boston College (BS) and Bentley University (MST). He is a ten-year Pan-Mass Challenge rider.

Education

Bentley University
Masters of Science in Taxation, 1982

Boston College
Bachelor of Science, Accounting

Activities & Affiliations

• AICPA