Individual Accountant—Highly Commended

David Liptz, Liptz & Associates

“We are constantly implementing new US GAAP and Internal Revenue Service tax rules into our work and processes.”

David Liptz

Principal, Liptz and Associates

“We are constantly implementing new US GAAP and Internal Revenue Service tax rules into our work and processes.”

David Liptz

Principal, Liptz and Associates

What is your unique selling point for clients?

I have been working in the captive insurance industry since 1999 and been through the attacks on 501(c)(15) and now 831(b)s. Over 50 captive managers refer financial audits and tax work to us, so we are able to confidentially review many different structures and for relationships with these 50 that have different personalities and expertise; this allows us to refer and consult with a very wide breadth of experience and knowledge.

We strive to solve challenges and not create more or new ones through a very proactive approach.

What additional changes would you like to see the industry adopt?

I would like to see the industry provide more education on the benefits of owning and managing your own insurance company, and focus on the risk management, retaining the profits and not allowing commercial carriers to control and manage your risk (the entrepreneur will take control over its risk, because the commercial market place really doesn’t care about the entrepreneur and only about its profits).

As the industry has evolved, what changes have you needed to implement to comply with regulatory matters?

We are constantly implementing new US GAAP and Internal Revenue Service tax rules into our work and processes, so it is normal for us to implement new changes each and every year.

How have you changed and adapted to the ‘new norm’ of working?

My practice was providing remote and virtual services for the past 15 years, so this situation is not new to us.

How important is experience working with captives in terms of providing high-quality accounting, audit and tax advice?

I feel it is extremely important as the Certified Public Accountant (CPA) and/or tax attorney is normally the first professional going in to bat for the captive with the regulators or taxing authority.

As experts tells us, location, location, location is the most important aspect to succeed in real estate. The three Ds—documentation, documentation, documentation—are crucial to success in this highly regulated insurance industry.

The CPA is professionally trained and is an expert in organising documentation in a manner for success. Also, an experienced CPA who specialises in captive insurance is “in the know” about what is currently happening in the industry and will provide the best practices and advice to an owner.


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Image: Unsplash.com/Micah Boswell

US AWARDS 2020