Cannabis & Psychedelic Services Accounting Specialists
At Calyx CPA, we specialize in providing expert tax and accounting services tailored to the unique needs of the cannabis and psychedelics industries.
At Calyx, our team excels in taxation for small to midsize businesses and their owners. With extensive experience in preparing returns for Partnerships, Limited Liability Companies, S Corporations, and C Corporations, as well as individual returns, we are well-versed in various entity types. This expertise enables us to identify the most beneficial tax structures for your business and provide tailored tax planning services.
Navigating the complexities of the tax code is a challenging task. Despite the availability of online platforms claiming to simplify tax processes, the reality is that taxes are inherently complex and trending towards increased intricacy. Our team, while we can’t eliminate your tax obligations, is dedicated to legally minimizing your tax burden as much as possible.
Effective tax planning allows business owners to anticipate and strategically manage their tax liabilities, rather than just reacting to them. New businesses, for instance, should anticipate a tax debt of at least 15% on even the smallest income, which can escalate to 40% or more depending on state tax jurisdictions.
Tax planning is not just about financial preparation; it's also about emotional readiness. It involves working proactively with your advisor to reduce tax burdens through strategies like timing expenditures, optimizing entity structures, and implementing appropriate cost categorization techniques.
This aspect of planning is crucial for companies in the cannabis and psychedelic industries. Due to IRC § 280E, which disallows the deduction of overhead expenses, cannabis business owners can face significant tax burdens, potentially leading to negative cash positions. Strategic tax planning is essential to mitigate the impact of IRC § 280E and enhance the profitability of plant medicine operations. This is especially critical for dispensaries and service “health” centers, which are subject to the strictest interpretations of the cost of goods sold. Our Calyx team, specializing in cannabis taxation, is equipped to navigate these challenges and help your company minimize its tax burden effectively.
Among the traits common to the most successful business owners is the commitment to a robust accounting system. Efficient record-keeping is crucial, enabling business owners to accurately assess their financial position and strategically implement measures to maximize profits and achieve their objectives.
Additionally, this level of organization empowers tax professionals to provide effective tax planning and preparation services. While cloud-based accounting platforms like QuickBooks Online and Xero have revolutionized bookkeeping by making it more efficient and accessible, proper setup and training cannot be overstated. Contact Calyx today to discover how we can assist you in optimizing your accounting system.
This crucial process demands thorough consideration, especially in specialized sectors like the cannabis and psychedelic industries. The initial step is choosing entities or entity types that influence legal and tax outcomes for the long term. It's vital to carefully assess each entity type, selecting one that meets your company’s current financial and operational requirements and aligns with its long-term ambitions.
The complexities of the cannabis and psychedelic space, with their unique regulatory and financial challenges, make this decision even more pivotal. At Calyx, we provide expert guidance to navigate these intricacies, ensuring your business structure is optimally poised for growth and success in these dynamic industries.
Calyx helps cannabis and psychedelic businesses optimize their accounting and minimize their tax liability. Our team understands the challenges of the cannabis and psychedelics industry and can assist business owners in navigating the financial complexities associated with those challenges.
Calyx CPA was established in 2019 after CPAs Bryant Zwart and Jamie Jorgenstone partnered with Justin Botillier to help him take his already established cannabis-focused tax firm to the next level. Justin Botillier has been self-employed as a tax and accounting professional since 2006. In 2016, he sold his general practice to focus full-time on working as a partner in Oregon’s burgeoning cannabis industry. Compelled by Justin’s journey, Jamie and Bryant, former accountants at a large regional firm, joined Justin to create what is now a nationwide CPA firm focused on the cannabis and psychedelics industry.
Founder/CEO
Justin Botillier, the CEO of Calyx CPA, is an industry professional with over a decade of experience working in the cannabis industry nationwide. Currently, as state programs in the psychedelics industry begin to emerge across the US, Justin is working with the leaders in this space, including the first psilocybin service centers in Oregon. Justin can usually be found speaking at industry conferences, hosting webinars, or attending other educational events. Justin’s expertise lies in business advisory, business structures, and tax mitigation
Founder/CTO
Jamie Jorgnestone is a Certified Public Accountant and Calyx’s Chief Technical Officer. She stays apprised of the latest tax law changes and digs deep into the tax code. Jamie is the primary author of the methodologies currently being employed by Calyx to help the cannabis and psychedelics industry mitigate the fallout of tax code 280E. She builds SOPs and trains staff to maintain well-prepared and accurate deliverables. Jamie’s talents are quite extraordinary, which has allowed her to rise through the ranks quickly, becoming an owner of a national CPA firm before the age of 30. Recently, she has been spotlighted on the front cover of Marijuana Venture Magazine as one of the publication’s 40 cannabis entrepreneurs under 40 years of age
Founder/CFO
Bryant Zwart, a CPA at and an MBA graduate from a top business school, brings a thoughtful and elegant approach to managing the firm. His methodical way of implementing changes in the firm’s business practices, coupled with his clear and sensitive management style, makes him an integral part of the team. Bryant plays a crucial role in the onboarding, training, and orientation of new team members, showing particular effectiveness with the firm’s bookkeeping team. As the primary custodian of the company’s core values, Bryant consistently reminds the leadership of the importance of clarity in these values, advocating against any expenditure of resources that might detract from fulfilling them.
Simply fill out the form and we will be in touch to answer any of your queries,
If you have any general questions, feel free to check out our blog & video Section.
Cannabis & Psychedelic Services Accounting Specialists
Calyx empowers entrepreneurs to build thriving businesses through accurate accounting and expert tax & accounting services by our licensed professionals.
541-816-4483