Captive Alternatives (CapAlt) has launched a new captive accounting services business unit, CapSure Accounting.
The new unit, which will provide captive accounting services to captive managers, is timely, CapAlt has said, given the “burden” imposed by the Internal Revenue Service’s (IRS) Notice 2016-66.
David Kirkup, CFO and COO of CapAlt, said: “IRS Notice 2016-66, enacted just eight weeks prior to the end of the year, has added an immense reporting burden to captive owners during their busy season.”
“In response, CapAlt has created CapSure Accounting which will provide scalable, high-quality captive accounting services to captive managers in the 831(b) space.”
CapSure Accounting has been set up to provide Notice 2016-66 disclosure reporting service to new accounting clients enrolled by year end.
In addition, clients will have access to an enterprise resource planning accounting system, automated bank statement retrieval and a white label accounting package with custom schedules such as surplus calculations, premium flow illustrations and funds held analysis.
