Bureau of Economic Analysis Benchmark Survey Deadline June 30th

Bureau of Economic Analysis Benchmark Survey Deadline June 30th
Tax, Trusts & Estates ALERT June 25, 2015

For the first time, any “U.S. person” that had a “foreign affiliate” at any time during the 2014 fiscal year is required to file the Bureau of Economic Analysis’s (BEA) benchmark survey.  The benchmark survey is due by June 30, 2015.  A one-month extension can be requested by completing and submitting the BEA’s one-page extension request form before June 30, 2015

Who Must File:

The filing requirement is applicable to U.S. persons who had a foreign affiliate during 2014.  “U.S. person” means any “person” that is a resident of the United States or subject to the jurisdiction of the United States.  The term “person” includes any individual, corporation, partnership, estate, trust, branch or other organization.  A “foreign affiliate” includes any business enterprise located outside the United States that is directly or indirectly owned or controlled by a U.S. person to the extent of 10% or more of its voting stock, or an equivalent interest in an unincorporated business, including a foreign branch.

What to File:

The U.S. person must complete Form BE-10A and, in addition, the appropriate Form BE-10B, BE-10C or BE-10D for each foreign affiliate. 

Where to File:

The BEA Benchmark Survey can be completed and submitted electronically on the BEA website at bea.gov/efile.  Alternatively, fillable PDF files are also available on the BEA’s website.  The fillable PDF files can be completed and mailed to:

U.S. Department of Commerce
Bureau of Economic Analysis BE-69(A)
Shipping and Receiving Section M-100
441 L Street NW
Washington, DC 20005

Penalties for Non-Compliance:

Failure to submit the BEA Benchmark Survey may subject a U.S. person to a civil penalty of not less than $2,500 (but not more than $25,000) and to injunctive relief commanding compliance, or both.  If the failure to submit is willful, such person may be fined up to $10,000 and imprisoned up to one year (if an individual), or both.