Due to a recent law change, the BE-10 is a mandatory survey by the US Department of Commerce – Bureau of Economic Analysis (BEA) for any U.S. Reporter (individual, company, trust, estate, or non-profit) that has a 10% or greater, direct or indirect, ownership or control of the voting stock of a foreign entity at any time during the 2014 tax year.
Previously, the BE-10 only needed to be filed if the U.S. Reporter was contacted by the BEA. Now, if the U.S. Reporter has at least greater than 10% ownership or control, the BE-10 requires their disclosure of the direct or indirect U.S. investment in foreign countries, regardless of whether or not they were contacted by the BEA. Should a U.S. reporter be contacted by the BEA and not have a filing requirement, the US Reporter is still required to file the “BE-10 Claim for Not Filing”. If not filed on time, the BEA can impose civil penalties ranging from $2,500 – $25,000. In addition, any officer, director, employee, or agent of any company who knowingly participates in the violations may be punished by a like fine, imprisonment, or both.
First time filers must file by June 30th, 2015.
The survey can be accessed on line here.
An extension request is available and can be found here.
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