Calyx CPA prepares federal and state returns with careful attention to detail, and we take aggressive but defensible positions to reduce the impact of 280E.
We are currently preparing cannabis returns that do not reduce deductions under 280E, based on the statutory language of the code, which applies to businesses trafficking in a controlled substance "within the meaning of Schedule I or II," not simply substances listed on a schedule.
We believe there is a reasonable basis for challenging 280E ahead of rescheduling, rather than paying tax on phantom income. That position is reinforced by current federal findings that cannabis no longer meets the criteria of a Schedule I or II substance.
We also look at the full picture - how activity flows through the business, across related entities, and between owners and other stakeholders - to reduce the overall tax burden wherever the law allows.
Aggressive but Defensible
We challenge 280E using Form 8275 for transparent IRS disclosure. Every position is legally grounded and built to withstand scrutiny.
Federal & State Returns
Complete preparation across all applicable jurisdictions, with careful attention to how state and federal positions interact.
Multi-Entity Strategy
We map how activity flows across related entities and between owners to find every lawful opportunity to reduce tax burden.
Prior Return Review
Many clients come to us after overpaying with a generalist CPA. We review prior filings and pursue claims for refund where appropriate.