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.
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- 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
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 of 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 a 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.
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. They clearly possess an in-depth knowledge of our industry, and they also have leveraged their firms’ resources to help us with other business needs. Marc and his team have made the move painless and transition seamless. They quickly became someone we can count on, and are true business advisors. We are very happy we made the move.”
Marc, Matt, Carolyn and the Anchin team have been a pleasure to work with, and we consider them to be a part of our management team. Whether it’s business or personal matters, they possess an in-depth knowledge of our industry and the ever-changing tax law and have always been accessible to us throughout the year.”
We have been with Anchin for 30+ years, and are grateful for the assistance and advice Anchin provides us. They have an excellent understanding of our business and they keep us up to date with the voluminous law changes on a real time basis. They have provided us with invaluable suggestions and recommendations throughout the years, specifically surrounding business succession planning, valuation work and entity structuring. We can’t stress enough the importance of having Michael Belfer, Mark Schneider, Michael Mittiga and the rest of the Anchin team on our side.”
It has been over 10 years since we began our relationship with 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. They have provided us with insightful suggestions and were instrumental in helping us restructure the company in connection with our business succession plans. Marc Federbush, Carolyn Sekosan and their team pay attention to detail, are always accessible to us, and their approach to new issues and problems has been a great value to our company. We look forward to continuing our relationship for many years to come.”