The U.S. Department of Commerce’s Bureau of Economic Analysis (BEA) conducts a survey every five years to compile economic and statistical data regarding the investments of U.S. persons abroad. The survey comprises a series of forms that make up the BE-10 report. Historically, the forms were required only if a U.S. person was contacted directly by the BEA. For fiscal years ending in 2014, all U.S. persons who held a direct or indirect interest of 10 percent or more of voting stock in a foreign entity at any time during the year may be required to respond to the survey.
A U.S. person generally includes, but is not limited to, an individual, trust, estate, partnership, corporation, or other organization.
The original May 29, 2015, deadline has been extended until June 30, 2015, for all new filers of Form BE-10. Those filers with more than 50 foreign affiliates may request another deadline extension. The survey can be submitted online, via fax, or by mail.
Although this is not a tax form, penalties for noncompliance may apply and can range from $2,500 to $25,000. Additional penalties for willful failure to file also may apply.
Forms and additional guidance, including how to request an extension, can be found online at the BEA’s website.
Taxpayers should consult a legal or regulatory adviser for additional guidance regarding who must file and which forms within the survey are required.