BE-12 Benchmark Survey: Immediate Alert
BE-12 Benchmark Survey: Foreign Direct Investment in the United States.
Immediate Alert - New filing requirement for companies in 28 days
Hello!
I am writing to you today regarding a new filing requirement for companies. If you own a registered company in the U.S., this requires your immediate attention.
I'm referring to the BE-12 Benchmark Survey: Foreign Direct Investment in the United States.
This report is generated by the Bureau of Economic Analysis (BEA).
The BEA conducts the BE-12 Benchmark Survey with the aim of collecting comprehensive and accurate information on the direct investment of U.S. companies abroad and foreign direct investment in the United States.
The survey provides valuable data on cross-border economic activity and helps measure the contribution of direct investment to gross domestic product (GDP) and employment in both countries.
The information collected in the BE-12 Survey is used to estimate direct investment flows and positions, as well as to calculate key economic indicators. This information is vital for understanding and analyzing patterns and trends in direct investment, assessing the economic impact of international investment, and formulating effective economic and trade policies.
In addition, the BE-12 Survey complies with the legal requirements established in the International Investment and Trade in Services Survey Act of 1976 and the regulations of the U.S. Department of Commerce.
Below you will find a summary of what you need to know about this report.
What is the new filing requirement for companies?
1 - BE-12 Report
A BE-12 report is required for each U.S. affiliate, i.e., 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 if an incorporated U.S. business enterprise, or an equivalent interest if an unincorporated U.S. business enterprise, at the end of the business enterprise's fiscal year that ended in calendar year 2022.
Example: If you had a Limited Liability Company (LLC) or a Corporation on December 31, 2022, with at least a 10% foreign ownership, you are required to file this form.
2 - Who requires this filing?
The Bureau of Economic Analysis (BEA), which is a federal agency of the U.S. Department of Commerce.
3 - What is the deadline to file this form?
June 30, 2023, for reports filed through eFile (only 28 days left!).
4 - What happens if I decide not to file this form?
The BEA can impose civil penalties ranging from $5,580 to $55,808. However, anyone who willfully fails to file a BE-12 report may receive an additional fine of up to $10,000 and, if an individual, may be sentenced to imprisonment for up to one year, or both.
5 - What should you do now?
You can complete the form yourself or contact your CPA today to assist you in completing this requirement. Remember! It must be completed before June 30, 2023.
I cannot stress enough the importance of complying with this new filing requirement before the deadline. Failure to file the BE-12 report could result in significant financial penalties and serious legal consequences.
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Antonio Coa, CPA
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Antonio Coa, LLC
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