The BE-10 Benchmark Survey is due every five years. It applies to U.S. individuals or entities that had a direct or indirect ownership or control of at least 10 percent of the voting stock of an incorporated foreign business or an equivalent interest in an unincorporated foreign business enterprise at the end of 2019.
You may have received a request to complete the survey or you may not have been sent a copy to complete. However, even if you were not contacted by the Bureau of Economic Analysis you are still required to respond by completing the form.
The form must be filed by May 29, 2020. Extensions may be granted to file. Clients of SingerLewak have already been granted this extension until August 31, 2020.
Whoever fails to report may be subject to penalties. Whoever fails to report shall be subject to a civil penalty of not less than $2,500, and not more than $25,000, and to injunctive relief commanding such person to comply, or both. Whoever willfully fails to report shall be fined not more than $10,000 and, if an individual, may be imprisoned for not more than one year, or both. Any officer, director, employee, or agent of any corporation who knowingly participates in such violations, upon conviction, may be punished by a like fine, imprisonment or both (22 U.S.C. 3105).
If you have any questions, please contact Duane DuPree at [email protected] or another member of our International team.