Lenhart, Mason & Associates, LLC

09/23/2026

09/21/2026

Does your business accept, spend or invest in cryptocurrency? The IRS scrutinizes digital-asset transactions. Business tax returns include a question about digital assets, and brokers must report certain transactions on Form 1099-DA.

Digital assets are treated as property for federal tax purposes. Cryptocurrency accepted for goods or services is taxable income based on its fair market value when received. Selling, exchanging or spending it may create a separate gain or loss. Crypto payments to employees and contractors are subject to the usual tax-reporting rules and can produce a business gain or loss. Contact us to review your 2026 digital-asset activity and reporting obligations.

09/17/2026

You know what's great about September? Brentyn Shaffer. Brentyn is our only September anniversary and this year we're celebrating 6 years of Brentyn at LMA. It seems fitting that he gets his own month because...well...he's a great guy! Please join us in congratulating Brentyn on his work anniversary!

09/14/2026

Paying dividends isn’t the only way to take cash out of your C corporation. Corporate distributions are generally taxable to you to the extent of your company’s “earnings and profits,” and your company can’t deduct them.

To avoid dividend treatment, consider having your business repay bona fide loans you’ve made to it or taking out properly structured loans from it. You might also increase your compensation (as long as it’s still “reasonable”) or qualifying tax-free fringe benefits — or lease or sell assets to your business.

Before proceeding, evaluate the tax implications for you and your corporation. Contact us to review the applicable rules and determine what’s right for your situation.

09/11/2026

In remembrance of the 2,977 souls lost on September 11, 2001.

09/09/2026

As you review your business’s 2026 expenditures, pay close attention to work performed on buildings and equipment.

You can generally deduct ordinary repairs and maintenance expenses, but you must capitalize property improvements, including betterments, restorations and adaptations. Safe harbors may allow current deductions for some costs. Certain capitalized improvements may also qualify for a full first-year deduction through bonus depreciation or Sec. 179. Proper classification may affect recordkeeping, potential recapture and state tax deductions.

Contact us to help classify your 2026 expenditures and discuss potential tax-planning moves before year end.