Last Call: BE-12 Survey Deadline Nears
We hope you're doing well! This article serves as a friendly reminder about the crucial BE-12 Survey deadline that's just around the corner. We also wanted to update you on our resources for implementing incentive compensation plans. We understand how busy you are, but we don't want you to miss this important information.
Brief Overview of BE-12 Survey
The BE-12 Survey is a mandatory, five-year survey conducted by the U.S. Department of Commerce's Bureau of Economic Analysis (BEA). This survey is required to be filed by all U.S. companies that are at least 10% owned or controlled by any individual or entity resident outside the United States or subject to the jurisdiction of a country other than the United States. Its purpose is to collect valuable data on foreign investments in the United States. By submitting this survey, you play a vital role in providing insights into international business activities and shaping economic policies.
Deadlines and Forms:
Act fast! The deadlines are as follows:
- Paper filings: May 31, 2023
- Electronic filings: June 30, 2023
Depending on your company's size and foreign ownership, you'll need to complete one of the following forms:
- Form BE-12A: For majority foreign-owned entities in 2022, with over $300 million in assets, sales, revenues, or net income.
- Form BE-12B: For majority foreign-owned entities in 2022, with $60 - $300 million in assets, sales, revenues, or net income. Also for minority foreign-owned entities in 2022, with over $60 million in these financial metrics.
- Form BE-12C: For entities with at least 10% foreign ownership in 2022, and assets, sales, revenues, or net income not exceeding $60 million.
Remember, time is ticking, and this filing is crucial for your foreign-owned US business. Don't miss the deadlines!
Consequences of Non-Compliance:
It's essential to understand that neglecting to submit the required information on time may lead to significant consequences. Fines can range from $5,580 to $55,808, and in some cases, even criminal penalties, including imprisonment, can be imposed.
Helpful Resources and Links:
To help you navigate this process, we've gathered some useful resources and links for you:
- BEA website: https://www.bea.gov/
- BE-12 Survey forms and instructions:https://www.bea.gov/surveys/be12
- BE-12 Frequently Asked Questions (FAQs):https://www.bea.gov/help/faq
Thank you for your attention to this important matter. We encourage you to act promptly and ensure that your foreign-owned US business complies with the BE-12 Survey filing requirements. Remember, the deadlines are fast approaching!
This email is for informational purposes only and should not be relied upon as tax or legal advice. Please consult professionals for advice tailored to your specific situation. The author and publisher assume no responsibility for any errors or omissions or for any actions taken based on the information presented.