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Food and Beverage

Finding the Right Ingredients

The food and beverage industry is constantly evolving. High growth emerging brands, convenient quick serve and healthy restaurants, and organic supermarkets are trending. Functional food and beverages are in demand and consumers are paying a premium for nutritious meals.

Food and beverage companies are directly impacted by consumer trends, global competition and a very competitive marketplace. This is equally true for all food and beverage industry segments, from emerging brands to restaurants, manufacturers and distributors to supermarkets. Choosing the right accounting, tax and business advisor to help you navigate these challenging issues is vital to your company’s success.

For over 90 years, Anchin has helped privately held food and beverage clients develop successful strategies that directly impact their growth and profitability. From assisting them with cash flow analysis to helping them strategize how to win more supermarket shelf space, we collaborate with our clients to give them the support they need to make smart business decisions. We work with management to analyze key performance indicators, review industry benchmarks, develop key employee retention and incentive plans, and help them drive business growth.

Our annual Food and Beverage Survey is one of the ways we keep track of industry benchmarks. We work closely with our clients to utilize this information, developing new approaches, strategies and best practices to help them achieve their goals.

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Services include:

  • Mergers and acquisitions
  • Pre-IPO
  • Tax credits and incentives
  • Succession planning
  • Estate planning
  • Compensation and benefits
  • Research and development

The Emerging Brands Group has worked together with fast growing consumer product brands for decades. We currently handle over 50 brands, many of whom started working with us within their first years in business. We understand that emerging brands operate in a fast-paced, demanding environment where time and money are precious. Anchin understands the complicated inner workings of your business, from daily operations to the larger financial challenges you face and we have developed our practice to meet your varying needs throughout the life cycle of your business.

We help develop a proper financial and tax foundation that can support the rapid growth of your brand. Our dedicated staff will take many of the accounting issues off of your plate so you can concentrate on your core business, while providing the tools and real time information you need to better make decisions and manage your operations. We are well positioned to grow with you through each stage from venture capital to private equity to ultimate exit.

Services include:

  • Advise on:
    • Entity structure and agreements
    • Equity/Debt raises
    • Financial projections
    • Employee contracts
    • Managing production
  • Assist with:
    • Financial reporting structure
    • Tax planning and advice
    • Develop key performance indicators
    • Exploring bank financing
    • Tax credits and incentives
  • Prepare/Provide:
    • GAAP financial statements
    • Tax returns allocations
    • Due diligence services
    • Audits/Reviews/Compilations
    • Ongoing advice to founders

For over 90 years, Anchin has provided accounting, tax, financial and operational advice to private companies. As specialists in the Food and Beverage industry, the Emerging Brands Group at Anchin has the unique combination of professional accounting experience and industry knowledge to help you accomplish your business goals.

The Restaurant Industry Group members have worked together with owners, operators, and franchisees for decades. We know that restaurateurs operate in a fast-paced, demanding environment where time and money are precious. Anchin understands the complicated inner workings of your business, from daily operations to the larger financial challenges you face and we have developed our practice to meet your needs. We pride ourselves on providing proactive advice.

Through the years, we have assisted a variety of companies ranging from small owner-operated establishments to large national chains and fine dining restaurants. Our staff will take many of the accounting issues off of your plate so you can concentrate on your core business, while providing the tools and real time information you need to make decisions and better manage your operations. We also maximize tax savings with innovative solutions that will ultimately increase your bottom line.

Services include:

  • Business process improvement
  • Benchmark performance analysis
  • Cash flow management
  • Financial statement preparation
  • Income tax planning and compliance
  • Tip reporting (Form 8027)
  • Sales tax compliance
  • Payroll and payroll tax compliance
  • Cost segregation studies
  • Succession planning

At Anchin, we realize that operating a successful restaurant requires more than just bookkeeping and financial reporting. For over 90 years, Anchin has served up accounting, financial and operational advice to private companies.

As specialists in the Food and Beverage industry for decades, the Restaurant Industry Group at Anchin has the unique combination of professional accounting experience and food and beverage industry knowledge that can help you develop advanced financial reporting systems and accomplish your business goals.

The members of the Supermarket Industry Group have worked with owners, operators and co-operatives for decades. Anchin understands the challenges you and your business face and we have developed our practice to service these needs as your expert partner. We pride ourselves on our responsive approach which enables Anchin to be a resource in your decision making.

Through the years, we have worked with owners of small supermarkets to large co-operatives. Our experience with both ends of the spectrum has enabled us to find ways to resolve issues that are advantageous to your business. We provide the tools and real time information that you need to make decisions while managing the accounting and tax issues so you can concentrate on your business.

We will help manage your operations and maximize tax savings with innovative solutions that will ultimately increase your bottom line.

Services include:

  • Business process improvement
  • Benchmark performance analysis
  • Cash flow management
  • Financial statement preparation/attestation
  • Income tax planning and compliance
  • Sales tax compliance
  • Payroll and payroll tax compliance
  • Cost segregation studies
  • Internal control review
  • Tax incentives
  • Succession planning
  • CFO/Controller recruiting

At Anchin, we realize that operating a successful supermarket requires more than just bookkeeping and financial reporting. For over 90 years, Anchin has provided accounting, financial and operational advice to private companies.

“We partnered with Greg Wank and Anchin as we experienced growth in our emerging food business in 2009. Anchin worked with us to better understand and manage our business, analyzing KPIs as well as industry benchmarks. Their team helped us with key employee retention plans, capital planning, mitigating certain business risks, and has remained a true business advisor to our management group. As we continue our explosive growth, we look forward to a bright future with Greg and the Anchin Food & Beverage Group."

-Siggi Hilmarsson, Founder, Siggi’s Dairy

Anchin's 12th Annual State of the Food and Beverage Industry Event

Food for Thought State of the Food and Beverage Industry 2018

Does your company qualify for Research and Development (R&D) tax credits? Currently, the food and beverage industry is undergoing a major transformation with major emphases on health, sustainability and reduction of carbon footprint. In order to succeed in this competitive space, development of new products that capitalize on market trends while minimizing costs is essential to achieving sustainable margins and profitability for the long run. Since the industry is fueled by innovation and the ongoing quest for better products and ways of making them, many of the development activities performed by employees of companies in the industry may qualify for R&D tax credits.

Anchin’s professionals understand the important role the food and beverage industry plays in keeping the US 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 team includes audit, tax and advisory professionals with years of experience identifying issues and solving problems for every type of business within the food and beverage industry subsectors, including:

  • Health foods
  • Food processing
  • Beverage
  • Bakeries
  • Confectionery

Our food and beverage 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 with those who need to reassess their R&D tax credit calculation because the nature of their business has changed.

To learn more about Federal and State Research and Development tax credits.

Success Stories

  • Testimonial: Siggi’s Dairy

    “We partnered with Greg Wank and Anchin as we experienced growth in our emerging food business in 2009. Anchin worked with us to better understand and manage our business, analyzing KPIs as well as industry benchmarks."

  • Food and Beverage Case Studies

    Beverage Company (New York, NY) Retained to prepare tax returns and provide consulting Advised on opening of production facility and assisted in obtaining tax credits from NYC Advised…

  • R&D Tax Credits Case Studies: Food and Beverage

    The following are two examples of client development efforts in the food and beverage industry which further illustrate the types of projects and activities that…

News

  • Meet the Anchin R&D Tax Credits Team: Yair HoltzmanJanuary 29, 2019

    As the Research & Development (“R&D”) Tax Credits Group Practice Leader, I am responsible for the leadership, strategic focus and business performance of the group. In this role, I oversee the R&D group’s growth, vision, diversification and development.

  • Tips for Emerging Consumer Brands Focused on High GrowthJanuary 11, 2019

    Even the biggest industry players were once emerging brands. It is a success story that we have seen time and time again, yet no two cases are quite the same. In our years of work with emerging brands, certain themes have presented themselves, and while your goals are unique to you, you may be able to benefit from some of these lessons learned.

  • Avoiding Double Taxation from Selling a C-Corp – Not Easy but PossibleOctober 15, 2018

    When the owner of a C-Corporation sells their business for a profit, the profits will be taxed twice: once at the corporate level and again when money is distributed to the owner/shareholders as a dividend. However, in some circumstances there may be a way to avoid the double taxation. It’s a difficult strategy to pull off but could be possible under the right conditions.

  • Finally Some Digestible Meal and Entertainment GuidanceOctober 3, 2018

    On October 3rd, the Internal Revenue Service released Notice 2018-76 providing transitional guidance on how the Tax Cuts & Jobs Act changes to the deductibility of Entertainment expense affects the 50% deductibility of business Meals that taxpayers and professionals had been hungering for. While the guidance is transitional, it provides clarity on some of the issues we had previously provided comments on:

  • In Today’s Food And Beverage Industry, Investment Rules Are Getting StaleAugust 29, 2018

    Greg Wank, Leader of Anchin's Food and Beverage Industry Practice, on the changing rules of food and beverage industry investment.

  • Financing Options for Emerging BrandsAugust 10, 2018

    Emerging brands are constantly looking for ways to make their mark on the consumer product industry, but it can be challenging for these businesses to rely strictly on funding from founders, friends and family, and cash flow from operations to increase brand awareness. For the best opportunities for success, emerging brands have to make tough financing decisions to promote company growth. Both debt and equity financing are great options for consumer product brands to raise additional capital. Whether a brand just landed its first national account or is about to launch in major retailers, founders need to assess the pros and cons of each option to determine what is most suitable for their company. 

  • Attention Amazon Vendors – Changes to Sales Tax Collection Policy in WA, MA and NYJune 19, 2018

    Online retail giant Amazon reached an agreement this year with the states of New York, Washington and Massachusetts that may affect many of the site’s sellers and vendors from a sales tax perspective.

  • Rainmaker names outstanding accountantsJune 1, 2018

    Greg Wank was named Practice Growth Leader of the Year for his work with Anchin's food practice.

  • Food for Thought: State of the Food and Beverage Industry Event 2018May 31, 2018

    Anchin's twelfth annual State of the Food and Beverage Industry Event, devoted to issues facing food and beverage manufacturers, distributors and retailers, was held on May 31, 2018 at Club 101 on Park Avenue. 

  • Food Companies Churn Through CEOs, Desperate for Fresh IdeasMay 29, 2018

    Greg Wank, Leader of Anchin's Food and Beverage Industry Practice, quoted on food industry CEOs.

  • Cash in natural foods: Experts weigh in on how to get it and prepare to sellApril 6, 2018

    Greg Wank, Leader of Anchin's Food and Beverage Industry Practice, shared his insights during Whipstitch Capital’s financing panel at Natural Products Expo West.

  • Tax Cuts and Jobs Act Substantially Limits Meals and Entertainment DeductionFebruary 14, 2018

    The 2017 Tax Cuts and Jobs Act introduced some significant limitations to the meals and entertainment deduction. The new law makes two major changes to the meals and entertainment rules, which can impact your business.

  • The big question about the Dr Pepper Snapple-Keurig merger—why?January 31, 2018

    Greg Wank, Leader of Anchin's Food and Beverage Industry Practice, says Dr. Pepper needs to diversify its product offerings to keep up with consumer tastes.

  • Tax Cuts and Jobs Act Will Greatly Impact Food & Beverage CompaniesJanuary 22, 2018

    The Tax Cuts and Jobs Act (TCJA), which was signed into law on December 22, brings many changes to the tax landscape that emerging brands operate in. Here are the most important changes in the new law that will impact your business.

  • South Dakota v. Wayfair Inc. May Significantly Change How Retailers Collect Sales TaxJanuary 17, 2018

    It is no secret that there has been a dramatic change in the system of collection of sales tax in the United States in recent years, partially due to trends such as online shopping. A recent court case that could dramatically change the laws on sales tax and have a potentially significant impact on businesses and consumers is progressing through the judicial system.

  • Tax Cuts and Jobs Act Offers Favorable Tax Breaks for BusinessesDecember 28, 2017

    The Tax Cuts and Jobs Act (TCJA), which was signed into law on December 22, contains a treasure trove of tax breaks for businesses. Overall, most companies and business owners will come out ahead under the new tax law, but there are a number of tax breaks that were eliminated or reduced to make room for other beneficial revisions. Here are the most important changes in the new law that will affect businesses and their owners.

  • The Tax Cuts and Jobs Act Doesn’t Cut the R&D Tax CreditDecember 27, 2017

    On December 22nd, President Trump signed the Tax Cuts and Jobs Act of 2017 (“TCJA”) into law, setting the stage for the most sweeping update to the U.S. tax code since 1986 tax reform enacted under President Reagan.  The centerpiece of the TCJA, is a permanent reduction in the corporate tax rate from approximately 35% to 21%. Thankfully, as expected, the final law has preserved the research and development (“R&D”) tax credit, which was made permanent in the Protecting Americans against Tax Hikes (“PATH”) Act of 2015. 

  • Congress passes biggest tax bill since 1986December 21, 2017

    On December 20, the House passed the reconciled tax reform bill, commonly called the “Tax Cuts and Jobs Act of 2017” (TCJA), which the Senate had passed the previous day. It’s the most sweeping tax legislation since the Tax Reform Act of 1986. The bill makes small reductions to income tax rates for most individual tax brackets, significantly reduces the income tax rate for corporations and eliminates the corporate alternative minimum tax (AMT).

  • New York City Takes a Step Towards Tax Relief for Small Businesses in ManhattanDecember 1, 2017

    The New York City Council passed a bill that will relieve many businesses in Manhattan of a portion of their tax expense.

  • Tax Reform Proposals Affect Partnerships and S CorpsNovember 16, 2017

    On November 9, 2017 the Senate Republicans released their version of tax reform. The Senate version has similarities to the House’s proposal, but there are some distinct differences, including the relief for small businesses.

  • Senate GOP Releases Tax Reform PlanNovember 14, 2017

    The Senate released its long awaited tax reform proposal. While many similarities exist with the House bill many differences also exist. Here are a few observations.

  • Compare and Contrast the House and Senate Tax BillsNovember 14, 2017

    Many of the House and Senate provisions are similar. For example, both plans would repeal the alternative minimum tax and retain the charitable contribution deduction. However, there are a number of key differences. Here’s a look at some of the most significant.

  • U.S. Research and Development Tax CreditOctober 30, 2017

    Yair Holtzman, Leader of Anchin's Research and Development Tax Credits Group, explains how the credit works and shares his findings on the impact of the PATH Act.

  • Year-End Tax Planning for Businesses: Looming Tax Reform Creates Planning ChallengesOctober 30, 2017

    As the end of 2017 approaches, the prospect of dramatic tax reform makes year-end tax planning especially challenging. In late September, the Trump administration and Republican congressional leaders unveiled their Unified Framework for Fixing Our Broken Tax Code. The framework proposes reduced tax rates for businesses as well as changes to a variety of business tax benefits. But there’s a great deal of uncertainty over when — and if — tax reform will be implemented and which proposals could make their way into possible new tax legislation.

  • New York State Alcoholic Beverage Production CreditAugust 15, 2017

    The New York State Department of Taxation and Finance has expanded the applicability of the Alcoholic Beverage Production tax credit (formerly known as the Beer Production Credit).  For tax years beginning after December 31, 2015, the credit is now available to registered distributors that produce beer, cider, wine and liquor.

  • Soup Giant Campbells Enters Plant-Milk Market With $700 Million Purchase Of Pacific FoodsJuly 11, 2017

    Greg Wank, Leader of Anchin's Food and Beverage Industry Practice, highlights the growing trend toward organic and plant-based foods.

  • Anchin is Proud to be a Top Donor of City Harvest Skip Lunch Fight HungerJuly 11, 2017

    Anchin is proud to expand its charitable initiatives through City Harvest's Skip Lunch Fight Hunger Campaign. 

  • 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. 

  • Amazon swallows Whole Foods, and supermarkets blanchJune 16, 2017

    Greg Wank, Leader of Anchin's Food and Beverage Industry Practice, discusses the impact of the $13.7 billion deal.

  • How Other Grocers Must Respond To Amazon Acquisition Of Whole FoodsJune 16, 2017

    Greg Wank, Leader of Anchin's Food and Beverage Industry Practice, explains what the takeover means for other brick-and-mortar grocers.

  • Food for Thought: State of the Food and Beverage Industry Event 2017June 8, 2017

    Anchin's eleventh annual State of the Food and Beverage Industry Event, devoted to issues facing food and beverage manufacturers, distributors and retailers, was held on June…

  • A PepsiCo/Vita Coco Deal Would Reshape Coconut CategoryJune 6, 2017

    Greg Wank's assessment of what could be another billion-dollar acquisition of an entrepreneurial beverage company by a strategic giant

  • To make money, restaurants need to think beyond the plateApril 24, 2017

    Greg Wank, Leader of Anchin's Food and Beverage Practice, on the benefits of serving "Fast-Casual"

  • Decision-Making Strategies for Consumer Brands April 14, 2017

    Last month, over 80,000 innovators attended Expo West, a gathering of industry minds focused on the development and production of natural, organic, and healthy products. Anchin joined a panel of experts from Whipstitch Capital, The Giannuzzi Group, Force Brands, REBBL, KeVita, and SPINS to discuss successful strategies for decision-making about Consumer Brands.

  • How catering to ethnic populations can spice up shopping and profitsFebruary 2, 2017

    Food and Beverage Industry Practice Leader, Greg Wank, shares how catering to ethnic populations can help drive grocery profits.

  • How Amazon Go will transform the grocery experienceJanuary 9, 2017

    Food and Beverage Industry Practice Leader, Greg Wank, remarks on Amazon's venture into checkout-free grocery shopping.

  • What is fueling grocery consolidation?January 3, 2017

    Greg Wank, Food and Beverage Industry Practice Leader, talks about large players in the space competing for regional and specialty acquisitions.

  • Qualified Small Business Stock: A Gem for Investors and a Marketing Tool for EntrepreneursDecember 28, 2016

    In this day and age, investors (Venture Capitalists, Private Equity, and Angel Investors) are concerned about maximizing their internal rate of return (IRR). Maximization of this important metric cannot be accomplished without minimizing the potential tax leakage of an investment. One feasible planning tool that can be used to achieve this goal is Internal Revenue Code (IRC) §1202.

  • 6 Facts to Know Before Investing in a RestaurantJune 29, 2016

    Food and Beverage Practice Leader, Greg Wank, recommends looking at a restaurant operator's track record.

  • Succession SuccessJune 1, 2016

    Greg Wank, Food and Beverage Practice Leader, stresses the importance of deep business understanding across the board when choosing a successor.

  • Want to open a restaurant? Now this funding is availableMay 16, 2016

    Greg Wank, Practice Leader of Anchin's Food and Beverage Industry Group, shares his thoughts on crowdfunding for restaurants, the benefits of restaurant credits to investors and the tendency of entrepreneurs to underestimate startup costs.

  • The organic food revolution that is minting millionairesMay 6, 2016

    Food and Beverage Practice Leader, Greg Wank, observes that consumers are driving a demand for more healthy food firms and cleaner labeling.

  • Congress Enhances Tax Deduction for Donations of Food InventoryMarch 1, 2016

    As part of the Protecting Americans from Tax Hikes (PATH) Act passed by The House and Senate at the end of 2015, the enhanced deduction for donations of food inventory was retroactively extended and made permanent so that qualifying donations made since January 1, 2015 are eligible.

  • Permanent R&D Tax Credit - A Game Changer for U.S. Businesses in the Food and Beverage IndustryJanuary 12, 2016

    On December 18, 2015, President Obama signed into law The Protecting Americans from Tax Hikes Act (PATH) of 2015.

  • Almond milk sales are soaring, but is it good for you?May 27, 2015

    Almond milk now outsells any other non-dairy milk—including rice or soy milk.

  • Water helping soft drink industryApril 27, 2015

    Is the soft drink industry dead?

  • Anchin's Greg Wank Says ‘Functional Beverages’ Supporting Coke on Bloomberg Radio (Audio)April 22, 2015

    Greg Wank, practice leader of Anchin, Block & Anchin LLP's Food and Beverage Industry Group discusses Coca-Cola earnings and the changing "health conscious" landscape within the beverage industry with Bloomberg's Carol Massar and Michael McKee on "Taking Stock".

  • Heinz will buy Kraft Foods in mega-merger for American foodMarch 25, 2015

    Taking aim soon at America’s growing love of fresh food: A billion-dollar mega-marriage of sugary ketchup and processed cheese.

  • Pizza chains make inroads in NJ, NYMarch 17, 2015

    Call it the next Chipotle. Custom, quick pizza is the hot new trend in fast casual dining, even in the New York Metro area, where we can be picky about our pies.

  • How 3 Popular Businesses Actually Turn a ProfitMarch 10, 2015

    When you pull out your wallet to pay for a meal or a mani-pedi, you might assume the most expensive part of your bill was that steak or the trendy designs on your toenails. But insiders will tell you that the real money-makers are the wine you ordered with dinner or the extra products you bought at the salon after getting pampered.

  • Anchin Releases Its Ninth Annual Food and Beverage Industry SurveyMarch 4, 2015

    Anchin, Block & Anchin LLP, one of the region’s leading accounting and consulting firms serving the food and beverage industry, has released its 2015 industry survey.

  • Are your financial statements investor and acquirer-ready?March 3, 2015

    As professional service firms steeped in the natural products space, we have the privilege of meeting the founders and executives from many branded food and beverage companies each year. Interestingly, we have learned that the way each company classifies certain costs in their financial statements can vary widely.

  • Anchin's Greg Wank Discusses NYC Grocery Store Pricing (Audio) September 10, 2014

    Greg Wank, practice leader of Anchin, Block & Anchin LLP's Food and Beverage Industry Group discusses Whole Foods and Food and Beverage Industry trends with Bloomberg's Pimm Fox and Carol Massar on "Taking Stock".

  • City Harvest Skip Lunch Fight HungerJune 30, 2014

    This year, City Harvest's Skip Lunch Fight Hunger Campaign raised $1 million - enough to help feed over 45,000 hungry kids and their families for the entire summer.

  • Results of Anchin’s 8th Annual Food and Beverage Survey Show Optimism for Higher Profits in 2014June 5, 2014

    The statistics revealed at Anchin’s 8th Annual State of the Food and Beverage Industry Event, held in Manhattan on June 4th, showed the industry, a leader in the recovering economy in 2013, anticipates an even more profitable 2014.

  • Will your restaurant continue to charge service charges in 2014?January 20, 2014

    Starting January 1, 2014 the IRS will enforce a rule related to mandatory fixed gratuities. Any mandatory fixed gratuity collected is considered a service charge and should be treated as wages.

  • How Does Tax Reform Impact You?

    Examining Home Mortgage Interest and Home Equity Loan Interest Deductibility under the TCJA11/30/2018 Opportunity Zone Proposed Regulations Issued: What Was Answered10/22/2018 Finally Some Digestible Meal and Entertainment…

  • Top Restaurant Links

    Internal Revenue Service (IRS)
    www.irs.gov

    Tips – Withholding and Reporting
    http://www.irs.gov/taxtopics/tc761.html

  • 101 Ways to Steal in the Restaurant and Bar

    Methods Perpetrated by All Employees

    1. Employee doesn’t ring up sale and keeps cash.

    2. Short ring: Under-ring the correct price of item and pocket the difference.

    3. Serving and collecting while register is reading between shift changes.

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