The BE-12 Benchmark Survey, “Foreign Direct Investment in the United States,” is used to report foreign investment in U.S.-operated businesses. This confidential survey is conducted every five years by the Department of Commerce’s Bureau of Economic Analysis (BEA), and 2023 presents a new deadline for filing.
The survey covers all activity through fiscal years ending in 2022. All entities that have foreign investment equaling 10% or greater of the ownership interest from a single party are required to file, even if not contacted by the BEA. Roughly 26,000 entities are expected to file this report in 2023.
BEA uses the BE-12 to produce statistics on the financial and operating characteristics of foreign-owned business activities in the United States. Filers will need to provide balance sheet and income statement information, intercompany transactional information and intercompany debt balances, amongst other items. These statistics help business leaders make decisions about hiring and investing and are also used by the U.S. government to determine the impact of foreign direct investment on the U.S. economy.
BE-12 forms are due by May 31, 2023, if paper-filing, and June 30, 2023, if e-filing, through the BEA website. Reasonable extensions may be requested but must be made before the May 31 or June 30 filing deadlines. Failure to file a BE-12 form may result in civil penalties.
Filers must be aware that there are four different BE-12 forms, which are differentiated by minimum ownership or dollar thresholds. Schneider Downs can help potential filers determine if there is a filing obligation and which forms should be completed.
The Schneider Downs Government industry group addresses the very specific accounting and financial needs, challenges and requirements of the broad spectrum of public sector entities. We advise a range of government entities, including—but not limited to—boroughs, charter schools, counties, cities, government agencies, municipalities, public schools, private schools, townships and villages.
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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.