BEA Survey Filing Due May 29, 2020

May 1, 2020 | Article

The Bureau of Economic Analysis (BEA) requires a survey of U.S. Direct Investment Abroad every five years. The next survey will be due in May or June for the 2019 calendar year.

Required Filers for BEA Survey
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 or foreign rental property, at any time during their 2019 fiscal year, is required to file a Form Series BE-10 information report with the BEA for analytical and statistical purposes.

Under changes implemented since the previous BE-10 required filing, investments by U.S. entities of a 10 percent or more voting interest in a foreign private fund, and investments by foreign entities of a 10 percent or more voting interest in a U.S. domiciled private fund may not be required to report on BEA direct investment surveys if they meet both the following criteria:

  • The private fund does not own, directly or indirectly through another business enterprise, an “operating company”—i.e., a business enterprise that is not a private fund or a holding company—in which the U.S. reporter owns at least 10 percent of the voting interest.
  • If the private fund is owned indirectly (through one or more other business enterprises), there are no “operating companies” between the U.S. reporter and the indirectly owned private fund.

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Filing Deadlines and Requirements
U.S. reporters required to file fewer than 50 BE-10 Forms have until May 29, 2020, to file information related to 2019. U.S. reporters required to file 50 or more BE-10 Forms have until June 30, 2020, to file information related to 2019. However, an extension to file may be granted based on providing substantive and detailed information as to why the extension is necessary. Penalties for failure to file can reach $48,192, and if the failure to file is willful, $10,000 can be added to the total.

While the BEA may send out Form Series BE-10 to prior BEA filers, failure to receive Form Series BE-10 from the BEA does not relieve any U.S. person from the requirement to file. In addition, if a prior BEA filer, no longer required to file, receives a Form Series BE-10 from the BEA, they must still complete and file Form BE-10-Claim for Not Filing to report the change in status.

Filers can find Instructions for BE-10 and a link to electronically file the Form BE-10 here.

If you have questions, or need more information please contact Gloria Johnson at +1 385-282-5420, Andrew Walters at 480-454-3223, or your Eide Bailly service provider.

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