An entrepreneur has launched a new employee benefits service promising companies access to a network of certified public accountants who will offer prepaid tax preparation and year-round tax advice to their employees.

The CapellaTax Network was founded by Larry Devitt, a former senior vice president and senior consultant with Kelly & Associates Insurance Group, a privately held benefits brokerage firm. A group of Baltimore-area investors has raised more than $1 million in seed money to launch the new business.

The CapellaTax Network is aimed at individuals who might not otherwise engage a professional tax or financial consultant. The mission is to help employees establish a year-round, long-term relationship with a trusted adviser.

In addition to taxes, these professionals promote the employers' other tax-saving programs, such as retirement plans, flexible spending accounts and health savings accounts.

 

Financial wellness

"The value for our members is the ability to work with a quality CPA, one of the most rigorous professional certifications, for proactive tax strategies, lawful minimization of tax liability and a trusted advisor for life's unexpected events," Devitt said.

Many employers offer initiatives to promote physical health and wellness. Similar to those programs, CapellaTax Network provides employees with financial wellness.

There is no cost to the employer to offer CapellaTax Network, and it provides employees a high-value service for less than a dollar a day in payroll deductions a year.

CapellaTax Network has already received commitments from 15 employers with over 10,000 employees, including Maryland General Hospital, Baltimore Washington Medical Center, Resurrection-St. Paul School, Harkins Builders, and Fawn Industries.

The goal is to have 170 employers with 8,500 total members signed-up through CapellaTax Network by Jan. 1, 2012, and 85,000 members by Jan. 1, 2014.

This story originally ran in Accounting Today, a SourceMedia publication.

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