Deadline Approaching for Filing BEA Survey Forms

The Bureau of Economic Affairs (BEA), which provides data on U.S. international trade, has set a deadline of May 29, 2020 or June 30, 2020 (depending on the number of filings) for the filing of two survey forms– BE-10 and BE-15. The BEA uses information from these surveys to produce periodic reports on international trade. Only those notified by BEA need to file BE-15, but BE-10 survey forms are not contingent on whether BEA has made prior contact. Failure to file may lead to civil and criminal penalties.

BE-10 — U.S. Persons with certain Foreign Affiliates in 2019 must file the applicable BE-10 survey form by May 29, 2020 (if the U.S. Person has fewer than 50 foreign affiliates) or by June 30, 2020 (for U.S. Persons with 50 or more affiliates). While there is no automatic extension for 2019 BE-10 surveys, an extension is available using the BEA eFile system. The BE-10 survey forms must be submitted every five years and a benchmark survey is required to be filed in 2020. Failure to file can lead to civil penalties of between $4,735 and $48,192 (due to inflationary adjustments) and criminal penalties for willful violations of up to $10,000 and one year in prison.

BE-15 — U.S. Persons with at least 10 percent voting interest directly and/or indirectly owned by a foreign person at the end of fiscal year 2019 may need to file BE-15 survey forms. This survey is required once BEA makes contact and requests the survey. BE-15 survey forms are due May 29, 2020 or June 30, 2020 for reporting companies that use BEA’s eFile system. The BEA will consider reasonable requests for an extension of the BE-15 filing and provides a form to complete on its website. Failure to file, once contacted by the BEA, carries the same civil and criminal penalties as BE-10 survey forms.

Both BE-10 and BE-15 survey filings are required by the U.S. Department of Commerce. They do not constitute a tax return filing required by the IRS. The BEA often creates new survey forms, such as the new BE-13, which is required for each U.S. business enterprise when a foreign entity acquires a direct or indirect voting interest of at least 10 percent. In addition, BEA often requires disclosures within 30 days of specified transactions; such as BE-605, to disclose positions and transactions between a U.S. affiliate and its foreign parent and/or foreign affiliates of the foreign parent.

While the BEA contacts many U.S. Persons subject to the reporting requirements, some survey forms are required even if BEA does not make contact. Thus, it is important to review the BEA website for necessary filing requirements.

The charts below list the survey forms BEA generally requires.

U.S. Investment Abroad (Outbound) – BEA uses the information from these reports to compile statistics on the scale of U.S.-owned business activities outside the U.S.

BEA Survey Form and Purpose	Due	Requirement to file	BEA will contact Filer if form is required?
BE-577 –To report positions and transactions between U.S. filer and its foreign affiliates	Quarterly – within 30 days after close of fiscal quarter	Required for each directly-owned foreign affiliate: a.) Whose assets, sales or net income > $60 million at any time during the fiscal reporting year b.) With intercompany receivables or payables balances with its U.S. parent of > $10 million	Yes
BE-10 –To report U.S. direct investment abroad	Every five years, with 2019 reporting due May 29, 2020	Fully consolidated U.S. domestic business that has one or more foreign affiliates. This survey has five forms to report on a fully consolidated basis and for each of its foreign affiliates whether held directly or indirectly	No
BE-11 – To report annual data of U.S. reporter and its foreign affiliates	After initial filing, form is not required annually	BE-11 has five forms since a U.S. reporter must file on a fully consolidated basis and for each of its foreign affiliates	Yes

Foreign Direct Investment in the U.S. (Inbound) – BEA uses the information from these reports to compile statistics on the scale of foreign-owned business activities in the U.S.

BEA Survey Form and Purpose	Due	Requirement to file	BEA will contact Filer if form is required?
BE-12 – To report foreign direct investment in the U.S.	Conducted every 5 years. The next survey will cover the fiscal year ending in 2022	Required for each U.S. business enterprise (including real estate held for non-personal use) in which a foreign person or entity owned or controlled, directly or indirectly, 10 percent or more of the voting securities of an incorporated U.S. business enterprise or an equivalent interest if an incorporated U.S. business enterprise	No
BE-13 – To report new foreign direct investments in the U.S.	45-days after the date of the investment transaction	Required for each U.S. business enterprise when a foreign entity: a.) Acquires a direct or indirect voting interest of at least 10 percent. This survey has five forms. b.) Establishes a new legal entity in the U.S. or expands its operations to include a new facility	No
BE-15 – To report annual financial and operating data of U.S. affiliates	After initial filing, form is not required annually	Required for each U.S. business enterprise owned or controlled directly or indirectly, by a foreign person or entity at the end of the year. This survey has four forms	Yes
BE-605 –To report the positions and transactions between U.S. affiliate and its foreign parents and/or foreign affiliates of the foreign parents	30 days after close of each U.S. affiliate’s fiscal quarter when U.S. affiliate is established, acquired, liquidated, sold, or became inactive during the reporting period	Required for each: a.) Directly-owned U.S. affiliate whose assets, sales, or net income/(loss) > $60 million at any time during the year. b.) Indirectly-owned U.S. affiliate with an intercompany debt balance with the affiliated foreign group	Yes

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