“IRS Notice 2016-66, enacted just 8 weeks prior to the end of the year, has added an immense reporting burden to captive owners during their busy season,” said CapAlt CFO and COO David Kirkup.
(PRWEB) December 06, 2016
Captive Alternatives (CapAlt), the insurance consultancy that pioneered the Protected Captive™ business model, announced today that they have launched a new business entity: CapSure Accounting that will provide captive accounting services to captive managers. The formation of the organization is timely given the burden imposed by the recently authorized IRS Notice 2016-66.
“IRS Notice 2016-66, enacted just 8 weeks prior to the end of the year, has added an immense reporting burden to captive owners during their busy season,” said CapAlt CFO and COO David Kirkup. “In response, CapAlt has created CapSure Accounting which will provide scalable, high quality captive accounting services to captive managers in the 831b space.”
A captive is a self-funded risk management program that ensures adequate insurance coverage for “hidden” business risks. Many captive managers produce their financials in low-end QuickBooks software or spreadsheets. The result is low scalability, poor quality control and weak customer service. CapSure Accounting’s solution allows captive mangers to focus on business development and customer service, confident that the back-office captive accounting is being attended to.
CapSure Accounting will provide a 2016-66 disclosure reporting service to new accounting clients enrolled by year end. In addition, clients will gain access to an industry first scalable solution using an ERP accounting system, automated bank statement retrieval and white label accounting package with custom schedules such as surplus calculations, premium flow illustrations and funds held analysis.
About Captive Alternatives
Captive Alternatives is a leading consultant helping business owners control their cost of risk through the use of captive insurance companies. CapAlt’s innovative business model, the Protected Captive™, helps owners manage hidden risks, transfer high exposure to third parties, and financially reward themselves for effective risk management. As a result of their Protected Captive™, our clients cover a wide variety of hidden exposures, and achieve all their strategic objectives – both corporate and personal. CapAlt delivers custom risk management solutions through an industry-first Puerto Rico International Insurer, and manages operations from their offices in Atlanta and Puerto Rico. For more information, visit http://www.captivealternatives.com.
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