Question 1

What makes Calyx CPA different from a regular accounting firm?

Accepted Answer

We're best known for our deep expertise in cannabis and psychedelic businesses - working daily with 280E, audit defense, and the unsettled tax landscape of regulated plant medicine. But we also provide full-service accounting and tax preparation for businesses outside those industries. Our approach always prioritizes defensibility and technical accuracy.

Question 2

Do you only work with cannabis businesses?

Accepted Answer

Not at all. While cannabis and psychedelics are our specialty, we provide full-service tax preparation, accounting, and business advisory for businesses across all industries. If you value precision, defensibility, and long-term planning, we're a great fit regardless of your sector.

Question 3

What types of businesses do you support?

Accepted Answer

Cultivators, manufacturers, wholesalers, dispensaries, vertically integrated operators, management companies, and ancillary service providers. In psychedelics: licensed psilocybin service centers, facilitators, and healing centers. We span the full supply chain.

Question 4

How does Calyx CPA approach Section 280E?

Accepted Answer

We take a highly technical, proactive approach. We use inventory accounting under Section 471(c), prepare detailed returns, and evaluate whether 280E should apply at all given current federal developments. When we challenge 280E, we use Form 8275 to disclose our position transparently.

Question 5

Do you take aggressive positions challenging 280E?

Accepted Answer

Yes. We're one of the few firms actively positioning that Section 280E should not apply ahead of federal rescheduling. We believe the legal landscape has shifted significantly. When we take this position, we do so transparently, defensibly, and with full disclosure to the IRS.

Question 6

Can you help if my previous CPA didn't understand cannabis tax law?

Accepted Answer

This is very common. Many businesses come to us after working with generalist CPAs unfamiliar with 280E or Section 471(c). We review prior filings, assess exposure, and implement specialized strategies going forward - often recovering significant overpayments.

Question 7

Do you provide IRS audit representation?

Accepted Answer

Yes. Cannabis and psychedelic businesses face elevated IRS scrutiny. We prepare filings with the expectation they may need to be defended, and we stand behind our work during audits and state tax examinations.

Question 8

Can you help my business become bankable or investor-ready?

Accepted Answer

Absolutely. We prepare financials and tax returns knowing they may be reviewed by banks, investors, or buyers. Our emphasis on accuracy, consistency, and credibility means third parties can rely on your reporting during financing, diligence, or acquisition discussions.

Question 9

Do you help with exit planning?

Accepted Answer

Yes. We regularly assist clients preparing for sale - cleaning up financials, addressing tax exposure, strengthening 280E defensibility, and preparing for buyer due diligence. When the time comes, your books will be ready.

Question 10

Why are your fees higher than general accounting firms?

Accepted Answer

We maintain smaller client portfolios for deeper service. Our fees reflect the specialized expertise, legal awareness, and defensibility required to operate responsibly in these industries. Unqualified accountants in this space pose the greatest risk to taxpayers - our work is the insurance against that.

Question 11

What's the first step?

Accepted Answer

A consultation where we review your recent returns, financials, ownership structure, and goals. From there we outline a clear engagement, and begin onboarding once agreed. Most clients feel the difference within the first conversation.

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