Skip to Content



Tax Alert: Bureau of Economic Analysis Form BE-12 required to be filed by May 31, 2018

May 15, 2018 Article 1 min read
Authors:
Kellie Becker Robert Malmstadt Carla Smaston

 The Bureau of Economic Analysis (BEA) is conducting their 2017 Benchmark Survey of Foreign Direct Investment in the United States also known as Form BE-12.

Cross border mergers

The Bureau of Economic Analysis (BEA) is conducting their 2017 Benchmark Survey of Foreign Direct Investment in the United States also known as Form BE-12. They are sending out letters to businesses requesting the completion of this survey. This is a mandatory survey that collects economic data from U.S. entities and is a confidential survey that is only used for statistical purposes. A response is required from entities subject to the reporting requirements whether or not they were contacted by the BEA. US entities are required to file if they have a foreign individual or company that owns or controls a direct or indirect voting interest of 10 percent or more of the entity at the end of the fiscal year that ended in calendar year 2017.

Businesses that file the BE-15 annual survey will file the BE-12 in place of the BE-15. The BE-12 is a more comprehensive survey both in the number of entities that must file and with the amount of information gathered on foreign direct investment in the United States. There are several different versions of the form that may be required to be filed. These are forms BE-12A, BE-12B, BE-12C, and BE-12 Claim for Not Filing.

Entities will be required to submit a copy of their 2017 annual financial statements with this form. The survey asks for financial information using the Generally Accepted Accounting Principles (GAAP) or asks companies to specify what other reporting standards they are using for reporting their financial information. The financial statements can be sent either through eFile on the BEA’s website, mailed, or faxed to the Bureau of Economic Analysis.

The nonfiling of Form BE-12 can result in penalties of $2,500 to $25,000 and injunctive relief commanding such filer to comply. Willful failure to file can result in not more than a $10,000 penalty, imprisonment, or both. Any officer, director, employee, or agent knowingly participating in the nonfiling may be subject to a fine, imprisonment, or both.

The information provided in this alert is only a general summary and is being distributed with the understanding that Plante & Moran, PLLC, is not rendering legal, tax, accounting, or other professional advice, position, or opinions on specific facts or matters and, accordingly, assumes no liability whatsoever in connection with its use.

Related Thinking

June 15, 2022

Shanghai releases post-lockdown economic recovery action plan

Article 3 min read
May 18, 2022

International tax news and other global updates for Q2 2022

Article 8 min read
April 28, 2022

Outlook on tax changes amid numerous 2022 challenges

Article 30 min read