Reminder: First Time BEA Filing Due June 30

Did you have direct or indirect ownership or control of a foreign business enterprise at any time during 2014? If yes, you need to read on.

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, at any time during their 2014 tax year, is required to file an information report with the Bureau of Economic Analysis (BEA) (Form Series BE-10) for analytical and statistical purposes.

Filing Deadlines and Requirements

First time BEA filers have until June 30, 2015, to file information related to 2014. 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 $25,000, and if the failure to file is willful, $10,000 or more 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.

Several factors enter into the appropriate Form Series BE-10 that will be filed; that information, and Form Series BE-10, can be found at www.bea.gov.

If you have questions, or need more information, please contact Mike Criddle at 801-308-0717, Shannon Lemmon at 303-459-6750, or your Eide Bailly service provider.