What Are the Consequences and Penalties of Late Filing?
The BEA may assess civil penalties ranging from $5,580 to $55,808. Moreover, whoever willfully fails to file a BE-12 Report could face additional penalties.
What is the BE-12 Survey?
The BE-12 Benchmark Survey of Foreign Direct Investment in the United States is mandatory survey conducted every five years encompassing numerous topics related to foreign direct investment in the U.S. The BE-12 Benchmark Survey gathers essential data and is mandatory for business owners subject to requirements set by the Bureau of Economic Analysis (BEA). The online filing deadline for 2022 BE-12 is June 30, 2023. Failure to complete the BE-12 form may result in penalties.
Who Must Report the BE-12 Survey?
A BE-12 report is required for each U.S. affiliate (all U.S. companies such as Corporations, LLCs, etc.) 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 the calendar year 2022.
FAQ
My company was formed in 2023. Do I still need to fill out the form?
No, it is not mandatory for companies formed in 2023 to fill out the form, as it is required to be completed based on the data from the 2022 calendar year.
Can we submit the form during tax season?
No, the deadline is June 30. Company owners who miss the June 30th deadline may be subject to penalties.
I heard that BE-12 is not mandatory, is that true?
No, the BE-12 Benchmark Survey is mandatory. Please consider the information provided by licensed organizations like Manay CPA regarding this matter.
Still Have Questions?
Click to connect with our experts.
Reach Out
Click to reach us by phone.