Every five years, the Benchmark Survey of U.S. Direct Investment in Foreign Business Enterprises is conducted by the Bureau of Economic Analysis (BEA), an agency in the U.S. Department of Commerce. This year is a survey year.
To complete the study, the BEA relies on BE-10 reports filed by “U.S. reporters,” which are defined as any U.S. person who owned, directly or indirectly, 10% or more of the voting stock of a foreign corporation or partnership at any time during the previous fiscal year. This comprises anyone, including car dealerships, manufacturers, etc., with an investment in a captive insurance or reinsurance company that’s domiciled offshore. Filing of the survey is mandatory.
This year’s deadline for U.S. reporters with fewer than 50 forms to file is May 31, 2020. The final form and instructions, however, have yet to be released. Any U.S. reporter who fails to file a BE-10 report could incur a civil penalty between $2,500 and $25,000, with the possibility of criminal sanctions being incurred for willfully failing to file.
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