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Barry\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\'s Accounting Services, Corp.
1852 Flatbush Avenue - 2nd Floor
Brooklyn, New York 11210
(718) 677-4006
Client Update - quarterly newsletter


The Fashion Industry - Barry\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\'s Accounting Services - Brooklyn, NY

The Fashion Industry - Barry\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\'s Accounting Services


Professional Tax Preparation Service;

and CFO service for Fashionistas.


Thanks for logging-on to this webpage to get RELIABLE and DETAIL information that are unique to your industry/profession.

***NOTE:-The IRS has collected US$4.9 Trillion from 2022 tax filings. That is US$790 Billion more than 2021 tax filings, according to the report from the Treasury Inspector Genaral for Tax Administration(TIGTA). The IRS will start accepting Corporation Tax Returns on JANUARY 16, 2024. The DEADLINE is MARCH 15, 2024.

We are proficient at managing Clients Expectation. Our website has a readership of over 1,020,000. Some of them are Clients, some of them are Paid Subscribers, and some of them are Searching for a Tax-Accountant or Business Advisor that has the EXPERTISE ("Industry-Specific Knowledge"), SHARED PASSION, and COMMITMENT they need to accomplish their goal/mission.

We have helped our Clients genarate revenues and manage their Discretionary Spending; and we saved them a total of $450 million in taxes. Hence, they have more LIQIUDITY (Cash-flow, Disposable Income, and Working Capital) that enabled them to maintain their Financial Obligations and Credit-worthiness. What do you want us to do for you, TODAY? Time management is VERY important to us. Contact us when you are READY to do BUSINESS with us.


"I dont design clothes, I design dreams"- Ralph Lauren.

"A girl should be two things: Classy & Fabulous"-Coco Chanel.


Modeling and Acting Jobs:


Tel # (702) 553-2700; (800) 934-0000.


Tel # (917) 900-9072

***If you wish to hire household workers for your Private Residence. Log on to :-HouseholdStaffing.com, and Maids.com.

***If you wish to hire Private Security Protection, log on to: - FastGuardService.com.

***NOTE:- New Arrivals of Designers Collections are flying off the racks. Bergdorf Goodman, Manhattan, N.Y. store (212)753-7300 got the BAG, Clothing, Jewelry & Accessories at discount price. Ask for Ms. Pierre (Saint Laurent, Brunello Cucinelli, Christian Louboutin, Loewe, Prada, Tom Ford, Valentino, Balenciaga, Givenchy, Dolce & Gabbana, Bottega Veneta, etc.). Stay Fashion Forward and make a BOLD statement. Essential components of a good handbag:- Appearance/Looks, Value, Practicality, and Longivity.


The Metropolitan Gala(MET Gala)

(*"Haute Couture"       *"Elegance Personified")

**The Met Gala is a fund raising event/gathering by invitation only. The Trustee controls the event guests list. 

The event raised $22 Millions from 400 guest in May 2022. To date, 2023, it has raised US$223 million. The price for an invited individual in 2023 is $75,000, up from $50,000 in 2022. A table for 10 individuals STARTS at $350,000. However, attendance is FREE for some guests who have connection to a design house. The funding goes to the Metropolitan Museum of Arts Costume Institute in Manhattan, New York. During the event, famous Talents parade EXHIBITS for:- Marc Jacobs, Ralph Lauren, Chanel, Gucci, Oscar De La Renta, Dior, Valentino, Vera Wang, Fendi, Prada, etc. Some of the participants at the show are Best Dress Contenders. Some of those outfits are Classy, Simple, and Elegant; while some are ridiculously over the top.

**NOTE:- Victoria Secret Fashion Show will return this fall, 2024 after an hiatus in 2018. Get ready to see what you know and love - Fashion, Glamor, Runway, Wings, and Fun.

**NOTE:- The best Tailors and Seamstresses use Guggenhein Scissors. It is Sharp, Comfortable, and Reliable. Get yours today at Guggenhein.com. Try it for 90 days. Your satisfaction is guaranteed.


Lets get to the specifics and keep it real

We prepare and file PRESENT and PRIOR Years Tax Returns. Please get our APPROVAL first, then send us a copy of your Corporation TRIAL BALANCE in the General Ledger (Income, Expenses, and Balance Sheet information); and we will prepare your Business Tax Return within 5 days AFTER we received ALL your information.

The DEADLINE for filing a Corporation Tax Return is MARCH 15; and an Individual Tax Return is APRIL 15. You can AVOID paying a Late Filing Penalty of $220 to the IRS and $200 to each State PER MONTH (IRS calls it, "Enforced Compliance"). Go to IRS.gov and file Federal  Extension Form 7004 for Corporations; and Form 4868 for Individuals. IRS hotlines are (800)829-4933; and (800)829-1040 from 7am Eastern Standard Time(EST).

Our CONTINUALLY Updared Tax  DATABASE  contains over 1,000 Tax Strategies that are unique to your industry. It enables us to use the BEST Tax-efficient structure that will MINIMIZE your Tax Liability; and INCREASE your Cash-Flow and Disposable Income. We are proficient at managing expectations; and we keep EVERYTHING discreet. We dont design clothes. We design and empower Financial dreams; and we deliver exceptional Financial Results to Fashionistas. They are Designers, Pattern Makers, Models, and Retailers. They operate as Individuals, S-Corps., C-Corps., LLC and Partnerships.

We answer the difficult questions, Preapre and File their Tax Returns; Deliver exceptional results; solve IRS & States Audits, etc; and keep them smiling!" Time Management is VERY important to us. CONTACT us when you are READY to do business with us. The turn around time to prepare a Tax Return is 2 to 5 days AFTER we receive ALL the imformation. 

Tax Preparation fee for Individuals STARTS at $400; and Business STARTS at $1,275.00. The fee is Tax Deductible. In addition, it is an INVESTMENT you made to MINIMIZE your Tax Liability, keep more Working Capital in you bank account and improve your business Credit-worthiness and Valuation with your Stakeholders (Banks, Suppliers, Investors, etc). PLUS you are in Capable Hands because we are proficient at managing expectations; and we have a proven and verifiable track record. Hence, you get Exceptional Result and Peace-of mind; and you have nothing to lose. Testimonials that we have received during our annual clients survey are overwhelmingly impressive. 

***NOTE:- If you want to set up an LLC or Corporation for your business, call Legal-Zoom at (800) 773-0888 ext 5374; or (323)962-8600. The Deadline for Filing your Corporation Tax Return is March 15; and your Individual Tax Return is April 15. 

Money is wealth and Power. It also brings Financial Independence/Freedom, Happiness, and a lot of Friends. We will focus on every Regulatory Tax Loophole to help you keep more of your money, and we will put a smile on your face

We dont rely on simplistic Rules of Thumb scenarios to solve Tax Problems in thhis industry. Our methodology is factually deep and result oriented. Tax Codes we frequently use (IRC Sections):- 1, 2, 61, 63, 67, 132, 162, 168, 179, 195, 199A, 212, 274,  280,  441-460, 6017, 7703, etc; Plus IRS 48 hours of Mandatory Annual Continuing Education. You can read for FREE Chapter 2, pages 11-20 in my best selling book, "Sweet Success" by Clemson Barry on Amazon.

Research Companies we use:-Thompson Reuters, Prentice-Hall, CCH, RIA; BNA and WG&L. They are the best/legendary, and they are use by IRS Auditors. Hence, you are in capable hands with us. 

We bring "Industry-Specific" knowledge and experience to our clients in Fashion, Music, Films, and Culinary. We will make EVERY regulatory tax loophole, credit, deduction, exemption and exclusion in the new tax laws work for you.

If you didnt file your tax returns in prior years; or if you have a tax problem with the IRS/IRD, we will prepare your tax returns and help you resolve U.S. and Overseas tax problems.

***NOTE:-Accounts Receivable Collections (We collect money from people that owe your company money and dont want to pay you. Give us the contract that you had signed with each dead-beat).

We will ensure your royalties/earnings/revenues from multiple income streams (modelling, singing, song writing, book publishing, merchandise sales, appearances, voice-overs, acting, speaking engagements, etc) are timely received and properly accounted for; and we will monitor your investments performances (stocks, bonds, real-estate, and business and franchise ownerships). You will have peace-of-mind and a BIG smile on your face.

What more do we bring to the table

In addition to those benefits that we have discussed above, we bring Quick, effective, and efficient business execution strategies to every niche/area in the entertainment industry (Music, Films, Sports, and Culinary). In addition, you will benefit tremendously from our expertise in Real-Estate, the Tax-Aspects of Marriage, Seperation, and Divorce; Transportation; Hospitality; and Insurance. We are "FABULOUS" with numbers. The more complex the better. Our Clients have all kinds of money; and they thanked God we had their backs.

Question:-"I am a singer and a fashion model. I recently started my clothing line, and my sister and I plan to launch our wine label in collaboration with Hill Family Estates Vineyards. Would you be able to help us scale our business? Any advice/guidance will be greatly appreciated".- Liza,G., CA.

Answer:-I can certainly help you scale the business while you minimized costs and taxes. I am also taking the risk with you because I can bring a lot of value to the winery. You will make a lot of money; and you will thank God you accepted me as your Business Partner (Excellence of Executions). You can keep my fee in exchange for 20% stake in the winery (15% ownership plus 5% for board advisory). In addition, you will pay me a Royalty of 45 Cents on every bottle of wine sold in perpetuity. 

Each item (Music, Fashion and Winery) will be under a seperate corporation. We will put together a strategic and execution plan for each section of the business because each has its own unique method of operation, marketing techniques, tax credit, and tax deduction rules. Finally, we will merge those plans and showcase the business in its entirety. That powerful marketing technique will grab attention, create demand, and boost sales exponentially. Joining Hill Family Estate Vineyards has its advantages. They use organic agricultural methods to cultivate wine with depth and character; and they have an established branding, marketing and distribution network that can push your entire business to the top. That is a great opportunity. You have a lot of work to get done. Lets start today!!

You can read my best selling book, "Sweet Success" by Clemson Barry on Amazon.

What we look for in Retailing

(Retail Policy).

1) Point of Sale (Inventory Control/management):- (Trend ForecastingProduct line; Price Elacticity; BenchmarksSales Projection; Profit Margins; Cash Flow; Free Cash Flow; A/R; A/P; Product Selection; Product Quality & Quantity; Utility & Design Patent; Product line extension; Original Condition; Limit on Returns; Return Deadlines; Re-Shipping Cost; Re-Stocking Fee; Inventory Monitoring(Theft and Re-ordering/Re-stocking); Mark-down cost; Loss Leaders; Clearance Pricing; Ending Inventory; Cost of good sold (COGS), etc.

2) Sales & Customers Service:-(Choice of Entity; Entity Structure; Standard Operating Procedures; Utility and Design Patent; Point-of-Sale; Customer Acquisition Cost; Acquisition Rate; Conversion Rate; Retention Rate; Attrition Rate; Customers Purchase Orders; Delivery Cost; Re-Order Rate; Same-store salesAccess & Efficiency; Size/quantity of Order; Invoices; Returns & Re-stock; Factoring; Customers Long Term Value, etc.).

***NOTE:- Customers shipping item of merchandise back to a retailer can cause a reduction in the value of the merchandise. Some businesses cant aford to reduce their margin beyond a certain percentage. On-line returns have become problematic for Amazon and other On-line Retailers (when a customer has bought the wrong size of clothing; and when a customer has bought 5 shirts, kept 2 shirts and wanted to return the other 3 shirts). Some retailers like H&M, Zara, etc that have brick & mortar stores are encouraging their customers to take their return merchandise to their brick & mortar store. This technique has increased customers loyalty and brick & mortar store sales. A 5% customers loyalty can increase sales up to 95%.  According to the National Retail Federation (NRF) retailers must be very clear about their return policy in order to eliminate customers dissatisfaction and friction.

Services we provide for clients.

*Compensation forecasting/projections .

*Review employment contracts for tax planning purposes (Including the Tax Aspects of Marriage, Separation, and Divorce).

*Handle Accounts Receivable Collections.

*Multiple States and Foreign tax returns preparation(Foreign income exclusion and Foreign Tax Credit).

*Business, Franchise, and Real-Estate Advisory(Buying, Leasing & Selling).

*Investment and Retirement Planning(Risk management and preparation for unforseen contingencies).

*Public Relations & Crisis management Planning and execution(Building, Protecting, Elevating, and Preserving your career).

*IRS and State tax problems(Payroll tax audit; Delinquent tax returns; Collection & appeals; Omission of income; Failure to reply to notices; Wage garnishment; Delinquent child support payments; Default on student loan payments; Innocent spouse forgiveness; Penalty abatement; Tax refunds seized; etc.). 

How we know about models

*Fashion Shows and Fashion Week(LV magic, Ibiza, New York, Los Angeles, Milan, Paris, and London Fashion week).

How we obtain new clients

*Direct mailing from our exclusive database.

*Family-Law Attorneys preparing Pre-nuptial & Divorce Agreements.

*NY and CA Fashion Association.

*Business Referrals(FIT, Parsons, Mood Fabric, and Spandex House).

*Agency Referrals(Ford, Elite, IMG,).

What we want from fashion clients

1) Your Cell Phone number and E-mail address for quick communication.

2) A paper copy of the last tax return you filed.

3) Your Business Gross or Total Income for the year; or Forms 1099.

4) An analysis of your business expenses for the year.

5) If you own a Private Home, Vacation Home or Time Share, we need the Mortgage Interest; Real Estate Tax; School Tax; Town Tax; Community Tax; Village Tax; Sales Tax you paid for Boat and Automobiles; and Home Owners Association(HOA) dues you paid on each property during the year.

6) If you own a Condo or Co-op., We need the Mortgage Interest you paid your Bank; PLUS the Letter/Statement you received from your Condo Board or Co-op Association that shows the number of shares you own(Co-op) and the Mortgage Interest and Real Estate Tax you pay from the maintenance fees you paid during the year.

7) If you own Rental Property, we need the Rent you collect from each property PLUS an Analysis of expenses you paid to maintain each property during the year.

8) Your Credit Card or Bank Account Information to pay for the service.

9) A copy of your Drivers License or State ID; AND a copy of your spouse Drivers License or State ID.(The IRS & State need the information on ALL tax returns to help combat identity theft) - IRS (800) 829-1040 from 7am EST.

10)Give us those letters you received from the IRS & States, including the letter you received from the IRS with the IP PIN number that was assigned to you to put on your tax return(Identity Protection Personal Identification Number).

***NOTE:- Some of our clients Fax us their documents. Most of them send us their documents by Fed-X, UPS, DHL and Post-Office.


Here is an Overview

Fashion is about whats new and whats next. It is also about having an effective business plan to showcase/sell your product/craft/talent; and a public relations plan (PR Plan) that will enable you to successfully defend your reputation and your brand- (Leave nothing to chance)

Fashion designers are selected for their creativity, technical skills, and their ability to improvise (with an eye for details). The presentation must fit the vision the designer has promised and the fabric must not have too much bounce or be too stiff. Creativity and skills must be well-executed and the outfit must look elegant, inspiring, and memorable. Designers must manage the nit-picking details before the model dresses for show time (finished details such as fit, buttons, button holes, zippers, pockets, interline, hemlines, collars, sleeves, etc). If a designer is not accustomed to dressing a model, s/he should hire someone who knows how to dress a model for that special occasion.

Fashion models are chosen for their talent and appearance. In addition, they must demonstrate Exuberance (positive attitude, high energy, and confidence). They have to look elegant and command attention when they strut/swagger the catwalk/red carpet.

Testimonial:- "I opened my flagship store to accommodate upscale shoppers, and my collections are flying off the racks just like you had predicted. I am ready to franchise my brand. Thanks for believing in me and thanks for being there for me." - Latacia, M., Rodeo Drive., CA. 


E-mails received

#1) Question:-"I am planning to graduate from F.I.T. next year. Getting my clothing sold in trendy stores will be a dream come true. What financial resource(s) would you suggest that I can tap into to start my clothing line?"   - Lisa, Queens, NY

Answer:-It is tough for anyone to get adequate bank financing for a new business if there is insufficient collateral to support the loan. Some entrepreneurs have overcome that obstacle by borrowing from their savings, family members, pension, credit cards, home equity, etc. Others have sold their most cherished possessions to finance the venture. Some have formed partnerships with people in their industry who have the cash while others have sold part of their business to venture capitalists.

#2) Question:-"I am a designer. I do not want to be bogged down with actively selling my collections to stores. Any suggestions?" - Raymond J., Manhattan

Answer:-There are well-known designers who will act as middlemen for new designer labels that the big retailers would not automatically consider. They absorb the risks that the big retailers do not want to inherit from virtually unknown brands. They open the market for smaller designers by collecting their best creations and selling them to larger retailers. They help increase the value of the brands by establishing exclusivity for the brands. This is a good synergy for everybody.

#3) Question:-"I would like to increase my chances of obtaining corporate sponsorships. I have tried and failed. I would appreciate any suggestions you can give me." - Janice, CA.

Answer:-Companies will review a sponsorship request to see if the event meets their guidelines/policy and competitive spirit. You must show them you are using their product, you like their product, and the benefit(s) you obtain from using their product. You must be prepared to answer questions, such as:

  • What is the event? Who are the other participants?
  • Have you participated in a similar event recently; and what did you achieve?
  • Did your participation increase the sales/revenue of your former sponsor? If so, by what percentage?
  • When and where will the event be held?
  • What form and level of support are you seeking from the sponsor?
  • Who is your target market/audience (age group or gender, etc..); and do you have a strong support/fan base?
  • What other significant benefit(s) do you propose to return to the sponsor?

#4) Question:-"I and several other students at Brown University are considering starting a fashion social enterprise. We are curious as to what typical valuation methods are used in the fashion industry. Do you have any words of wisdom for fashion startups?"  - D. Gurevich

Answer:-For a new business that doesnt have any sales or Proof of Concept, you must multiply the Book Value by the Industry Multiplier/Multiple. That will give you a realistic idea of the maximum value of the business. The answer to your other question is:- Passion for the industry; Unwavering Courage; Timely Execution, Perseverence; Extensive Research; Strong work ethics; Enlist the services of a good coach/mentor; Attend trade shows, and follow a Communication Strategy that will build you Brand Equity and maintain your Competitive Advantage as you scale or expand your business to other demographics of the population.


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