Hi There,

Any U.S. person* that had direct or indirect ownership or control of at least 10 percent of the voting stock of an incorporated foreign business enterprise – or an equivalent interest in an unincorporated foreign business enterprise – at any time during the 2014 fiscal year is required to complete a BE-10 report.

This is a Benchmark Survey submitted to the U.S. Bureau of Economic Analysis (BEA). There are numerous survey forms required by the U.S. Department of Commerce. These are generally completed internally by a company controller or a professional in the accounting department. Frazer, LLP is not usually involved with these types of surveys since these are not income tax filings; we are happy to assist, if requested.      

The due date was May 31, 2015  for the BE-10 series of forms but, according to the BEA website, the filing date has been extended  to June 30, 2015 (Screenshot-see page 2). Failure to file timely may result in a minimum $2,500 penalty.  

For further information contact Jane Warren at jwarren@frazerllp.com or 714.990.1040.

* Person (as the term is used in the broad legal sense) means any individual, branch, partnership, associated group, association, estate, trust, corporation, or other organization (whether or not organized under the laws of any state), and any government (including a foreign government, the United States Government, a state or local government, and any agency, corporation, financial institution, or other entity or instrumentality thereof, including a government-sponsored agency).