30 JUNE 2015 IS DEADLINE FOR FILING OF 2014 BENCHMARK SURVEY OF U.S. DIRECT INVESTMENT ABROAD

(This is a mandatory compliance from U.S. Department of Commerce, Bureau of Economic Analysis (BEA) and NOT a tax compliance)

The Benchmark Survey of U.S. Direct Investment Abroad is conducted by U.S. Department of Commerce, Bureau of Economic Analysis to secure current economic data on the operation of U.S. Parent companies and their foreign affiliates. This is a mandatory survey conducted every 5 years.  For certain large companies there is annual filing requirement.

REPORTING REQUIREMENTS

If U.S. person had a foreign affiliate, that is, 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 the U.S. person’s 2014 fiscal year, they need to file BE-10 report. For this purpose, US person includes any individual, branch, partnership, associated group, association, estate, trust, corporation, or other government or nongovernment organization.

There are different complex forms (BE 10A/ BE10B/ BE10C/ BE1D) which need to be filed by different US persons as may be applicable for them based on different criteria to be evaluated separately for each such U. S. Person.

DUE DATE

For 2014, a fully completed BE-10A forms along with the applicable form(s) is due no later than June 30, 2015 (extended due date for many filers)

EXTENSION

Extension request must be filed by the due date. 

PENALTIES

Whoever fails to report shall be subject to a civil penalty of not less than $2,500 and not more than $25,000.  Whoever willfully fails to report shall be fined upto $10,000.  Any officer, director, employee or agent of any corporation who knowingly participates in such violations, upon conviction, may be punished by fine, imprisonment or both. 

Please let us know if any of this applies to you/ your business and you want us to assist in the filing of above mandatory compliance.  As the due date of 30 June 2015 has now fast approaching, please contact us at the earliest.  Again, please be aware that it is a mandatory compliance.

We look forward to hearing from you soon. As always, contact us if you have any questions.

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About Bhatiaco

About Us Bhatia & Co, Inc, Certified Public Accountants is a diversified Full service financial and business services firm concentrating on providingservices to domestic and international organizations, with special focus on international transactions and tax planning. Our Team of highly skilled and diversified range of finance and business professionals provide services in areas of business and individual tax,audit & review, international tax planning, incorporation and corporatecompliance, accounting, outsourcing, business consulting, financial and retirement planning, immigration consulting and litigation support to adiverse range of clients.. We are located in the prestigious Techmart building in the heart of Silicon Valley in Santa Clara,CA for the last 13+ years and have offices in New Delhi for 30+ years. . Our current engagements include cross border tax planning and transactions, corporate structuring, and complex Tax audits and representation including recent oversees disclosure programs (OVDP/OVDI). Our organization is headed by Neeraj Bhatia, who is an accomplished accounting professional with 30+ years expertise in international and domestic tax planning and compliance for startups and multinational entities. Neeraj is a licensed CPA in California, New York and Colorado and a CA in India. He also has a LL.M. in International Taxation from the US, Costs and Works (Management) Accountancy, and a Bachelor (Honors) degree in Commerce from India. During his academic years he has received several awards and scholarships for being the top ranker nationally.

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