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Form BE-10 Filing Deadline Is Today, May 29, 2015


5/29/15

Synopsis

U.S. companies with foreign subsidiaries and other affiliates are required to file BE-10 reports to the Bureau of Economic Analysis (BEA) by today, May 29, 2015.

Issue

Any U.S. person who had a “foreign affiliate” at any time during the U.S. person’s 2014 fiscal year is required to file a BE-10 report.  A “foreign affiliate” is a foreign business entity in which the U.S. person had a direct or indirect ownership or control of at least 10% of the voting stock or equivalent interest. Previously, filing a Form BE-10 was only required if requested by the BEA. The BEA has recently expanded its filing requirements.

The BE-10 is due by May 29, 2015 for U.S. reporters required to file fewer than 50 forms, and June 30, 2015 for U.S. reporters required to file 50 or more such forms. The filing deadline for all “new filers” has been automatically extended to June 30, 2015. A “new filer” refers to a U.S. company or person that is required to file the BE-10 survey but has never filed any BEA survey of U.S. direct investment abroad. The BEA will consider “reasonable requests” to extend the filing deadline, as long as the request is made no later than the original due date. Requests for extensions can be made by completing a Request for Extension for Filing, by phone at (202) 606-5566, or by faxing the completed request form to (202) 606-5312.

The BE-10 report is actually a set of non-tax forms and must be completed according to the BE-10 Instructions.

Failure to file Form BE-10 can result in civil penalties of between $2,500 and $25,000. Willful failure to file the report can result in criminal penalties for the U.S. reporter.

Additional information can be found on the BEA website.

Contact

For more information, please contact Kenneth Kanter, Managing Partner of CohnReznick’s Tax Department, at kenneth.kanter@cohnreznick.com or 973-364-6668.


Any advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues. Nor is it sufficient to avoid tax-related penalties. This has been prepared for information purposes and general guidance only and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is made as to the accuracy or completeness of the information contained in this publication, and CohnReznick LLP, its members, employees and agents accept no liability, and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.

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