Form BE-12 is a benchmark survey required by the Department of Treasury’s Bureau of Economic Analysis. The BE-12 must be filed every 5 years and 2022 is a reporting year. Paper forms are due May 31, 2023 and e-filed forms are due June 30, 2023.
The survey collects data on foreign business activity in the U.S, covering U.S. business enterprises, referred to as U.S. affiliates, in which foreign entities hold voting ownership interest, or the equivalent, of 10% or more.
Who is required to file the BE-12?
U.S. affiliates include those that are incorporated and unincorporated. Foreign-owned U.S. real estate is considered a U.S. affiliate and must be reported if the real estate is not held for personal use.
Taxpayers who are required to file but don’t, may be subject to civil penalties (penalty amounts are not published). Depending on the complexity of the entity structure and business activities, the forms may be very simple or very complex. Please note that extensions may be granted to reasonable requests.
If you would like assistance in completing this BE-12 report, please contact your Pinion advisor today.