FinCEN Beneficial Ownership (BOI) Report
Definition
A US filing requiring many companies to report information about their beneficial owners to FinCEN. Scope, deadlines and applicability have been subject to change and should be confirmed against current guidance.
Related Terms in US Tax
Form 1040-ES
The US form and vouchers individuals use to calculate and pay estimated quarterly taxes on income not subject to withholding, such as self-employment or investment income.
Standard Mileage Rate
An IRS per-mile rate businesses and self-employed taxpayers can use to deduct the cost of operating a vehicle for business instead of tracking actual expenses. The rate is set annually.
Startup Costs Deduction
A US provision letting a new business deduct a limited amount of qualifying startup and organisational costs in its first year, amortising the remainder over a set period.
Accountable Plan
A US employee expense-reimbursement arrangement that meets IRS rules so reimbursements are not treated as taxable wages. It requires a business connection, substantiation and return of any excess.
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