Fashion companies are competing in a global marketplace. Our fashion clients represent a cross section of the industry and include some of the most successful companies. These companies include manufacturers, wholesalers, importers, designers and retailers with national and international reach.
As advisors to the fashion industry, we have experienced the global and local issues that affect the way they do business and are well positioned to help them deal with changing conditions. Cash flow planning, gross profit by product line, chargeback analysis, assistance with access to capital, and operational improvements are just a few ways we help fashion companies gain an edge. Our clients benefit from our strong relationships in the financial community, as banks and factors respect the quality of our financial statements.
Tax planning is essential to the fashion industry, as opportunities such as research and development tax credits and other tax credits and incentives are explored for potential benefits. We understand the owners’ goals and help establish a strong estate planning strategy, building around profitability and long term plans.
- Financial and cash flow projections
- Gross profit by product lines
- Chargeback analysis
- Manufacturing and financial information systems recommendations
- Tax planning
- Estate and distribution planning
- Information systems management
“It has been over 10 years since we began our relationship with Anchin, Block & Anchin. They not only provide us with our accounting and tax preparation needs, but also act as a true business advisor and sounding board on a regular basis. Anchin’s services are comprehensive, professional and timely. Marc and his team pay attention to detail, are always accessible to us and their approach to new issues and problems have been a great value to our company. We look forward to continuing our relationship for many years to come.”
-Lynn, Steven and Dorothy Roberts, The Echo Design Group
Research and Development
Does your company qualify for Research and Development (R&D) tax credits? The fashion industry is an essential component of the U.S. economy, consisting of 7,000 firms and employing in excess 130,000 employees. Innovation has long been considered a cornerstone of growth for the industry, leading to new products and processes to meet market requirements and demands. Accelerated growth is again expected due to lower input costs and the realization of rewards associated with prior investment in direct-to-consumer sales channels.
Anchin’s professionals understand the important role the fashion industry plays in keeping the U.S. competitive in an increasingly global economy. Our industry experience, attention to detail and expert judgment result in accurate, highly defendable tax credit calculations. Our dedicated fashion industry team includes audit, tax and advisory professionals with years of experience identifying issues and solving problems for every type of business within the industry, including companies involved in footwear, textiles, formal wear and performance wear.
Our fashion industry R&D team ensures that our clients benefit from all of the incentives available to them. Anchin helps clients assess their R&D tax credits at all phases of their business, from the time they first consider entering a new market (white space evaluation) and throughout the product lifecycle. We are particularly skilled and experienced at identifying qualifying projects and initiatives in each area of your business and are experts at examining and capturing all allowable expenses towards your company’s research credit.
Anchin works with clients interested in claiming the R&D tax credit for the first time, and those who have difficulty meeting the contemporaneous documentation requirements needed to support their R&D claim. We also assist clients who have had a significant portion of their R&D claim disallowed, and those who need to reassess their R&D tax credit calculation because the nature of their business has changed.
- Testimonial: Michael C. Fina
“We have been a client of Anchin for more than 20 years. Mike and the team helped us navigate through succession planning for our family business, serving as a valuable sounding board and business advisor to our management team."
- Testimonial: Adjmi Apparel Group
“At Adjmi Apparel we do not take changing partners or advisors lightly. In June 2014 we did make a decision to move our business to Anchin, and we believe we made the right choice."
- Testimonial: The Echo Design Group
“It has been over 10 years since we began our relationship with Anchin, Block & Anchin. They not only provide us with our accounting and tax preparation needs, but also act as a true business advisor and sounding board on a regular basis."
- R&D Tax Credits Case Studies: Fashion
The following are two fashion company case studies which further illustrate the types of projects and activities that will potentially qualify for the R&D tax
- It’s Not Too Late to Amend Your 2016 Tax Return for the R&D Tax CreditJuly 5, 2017
Recently, the IRS issued interim guidance on how eligible small businesses can benefit from a new provision that enables them to apply their Section 41, Research and Development tax credit against their payroll tax liability instead of their income tax liability, allowing qualified companies to start using the credits before becoming profitable.
- Your Health Insurance Company May Ask for Your Social Security NumberOctober 8, 2015
Your health insurance company may request that you provide them with the social security numbers for you, your spouse and your children covered by your health insurance policy.
- Trade Preferences Extension Act: What Does it Mean for Your Company?July 9, 2015
On June 30, 2015, the President signed the Trade Preferences Extension Act ("The Act") into law. The Act will renew the Generalized System of Preferences (GSP), which provides duty-free treatment for selected goods from "beneficiary developing countries," such as Brazil, India, etc.
- Identity TheftJanuary 14, 2015
Identity thieves stole an estimated $5.2 billion from the Internal Revenue Service (IRS) this past year. The threat of identity theft and refund fraud has increased substantially over the past few years.