The US Bureau of Economic Analysis (BEA) every five years conducts a benchmark survey to obtain information of US persons’ investments abroad. The survey is conducted pursuant to the International Investment and Trade in Services Survey Act, and the filing is required by law.
Form BE-10, Benchmark Survey of US Direct Investment Abroad (Form BE-10 or BE-10 report), must be filed by a US person that has direct or indirect ownership or control of 10% or more of the voting stock of an incorporated or unincorporated foreign business enterprise at the end of its 2019 fiscal year. The report or a request for extension must be filed on or before May 29, 2020 or June 30, 2020 (depending on company structures). Failure to file the report when required may lead to civil penalty or imprisonment for willful disregard of the filing requirement.
Note: Form BE-10 is a survey and is not a tax form, so some of the information required is beyond what is provided for tax filings.
The BE-10 reports must be filed by a US person that had a foreign affiliate at the end of the US person’s 2019 fiscal year. The reports should be filed using the e-file system or by fax on or before May 29, 2020 or June 30, 2020 depending on the amount of forms required to be filed. Filers that are not able to file by the due date should request additional time by filing an extension form. Failure to file a report may lead to civil penalty and harsher consequences.
Personal Financial Services Leader, PwC US