Tax

Deadline for Filing BEA Form BE-10 Extended for New Filers

May 2015

The filing deadline for certain new filers of the Bureau of Economic Analysis’ (BEA) Form BE-10 was initially set for May 29, 2015. However, the deadline has been extended.

As noted in our previous Alert, the BEA—an agency of the U.S. Department of Commerce—conducts a comprehensive survey every five years concerning the extent of foreign investment by U.S. individuals and entities. The survey is conducted using Form BE-10, Benchmark Survey of U.S. Direct Investment Abroad

In the past, Form BE-10 only was required for U.S. persons who were specifically requested to file it. However, any person who had a foreign affiliate (as described in our prior Alert) at any time during its 2014 fiscal year is required to file this year. Those who fail to submit the form will be subject to a civil penalty (ranging between $2,500 and $25,000), injunctive relief commanding compliance or both. Willful failure to report may result in criminal penalties of up to $10,000 as well as potential imprisonment for up to one year for individuals. 

The initial filing deadline for U.S. filers required to file 50 or fewer foreign affiliate reporting forms in conjunction with their survey was May 29, 2015. However, the BEA has extended this deadline for “new filers” to June 30, 2015. A new filer is defined as a U.S. company or person required to file the survey that has never filed any U.S. direct investment abroad survey conducted by the BEA. These would include the BE-10, BE-11 and BE-577 surveys. 

For more information about which forms you are required to file, or information on the BEA Benchmark Survey of U.S. Direct Investment Abroad in general, contact your BKD advisor.

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