Remember to File Your BE Benchmark Survey

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.

U.S. reporters can find additional information on the survey, including the necessary forms to file with the BEA, at https://www.bea.gov/be-10-benchmark-survey-us-direct-investment-abroad. There’s also an online filing option available on the site.

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The Schneider Downs Our Thoughts On blog exists to create a dialogue on issues that are important to organizations and individuals. While we enjoy sharing our ideas and insights, we’re especially interested in what you may have to say. If you have a question or a comment about this article – or any article from the Our Thoughts On blog – we hope you’ll share it with us. After all, a dialogue is an exchange of ideas, and we’d like to hear from you. Email us at contactSD@schneiderdowns.com.

Material discussed is meant for informational purposes only, and it is not to be construed as investment, tax, or legal advice. Please note that individual situations can vary. Therefore, this information should be relied upon when coordinated with individual professional advice.

© 2020 Schneider Downs. All rights-reserved. All content on this site is property of Schneider Downs unless otherwise noted and should not be used without written permission.

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