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The BE-12 Benchmark Survey, conducted every five years by the US Bureau of Economic Analysis (BEA), plays a vital role in collecting comprehensive foreign direct investment (FDI) data from a diverse range of American businesses. Unlike its quarterly and annual counterparts, the BE-12 is a mandatory filing for all eligible companies, regardless of whether they are notified by the BEA. While primarily targeting smaller enterprises, this survey encompasses various entities, including e-commerce platforms engaged in digital product distribution and partnerships involved in non-personal real estate ventures. With the filing deadline for the 2022 survey set for May 31, 2023, it’s essential for eligible businesses to comply to avoid penalties and ensure accurate representation.
Every five years, the BE-12 serves as an extensive census, aiming to capture a comprehensive cross-section of US companies and their foreign direct investment (FDI) activities. This survey provides valuable insights into the extent and impact of foreign ownership or interests in these businesses, shedding light on their contribution to the national economy. By obligating eligible entities to participate, the BEA ensures a more complete and accurate assessment of foreign direct investment (FDI) patterns across various sectors.
The BE-12 requires businesses to file if they have foreign ownership or interests exceeding 10% at the end of the year 2022. This criterion encompasses a wide range of entities, including digital e-commerce platforms that distribute products electronically and partnerships involved in non-personal real estate ventures. Regardless of the nature or size of the company, if it meets the foreign ownership threshold, it must file the BE-12 survey.
Filing the BE-12 survey by the specified deadline is crucial for companies with foreign investors or owners. Apart from ensuring adherence to regulatory requirements, compliance allows businesses to contribute to an accurate representation of foreign direct investment (FDI) in the United States. By providing detailed information about their operations and foreign direct investment (FDI), companies aid policymakers, economists, and researchers in making informed decisions and understanding the impact of foreign investment on the US economy.
Failure to comply with the BE-12 filing requirement can result in significant penalties. The consequences for non-filing include civil penalties ranging from $2,500 to $25,000, as well as the possibility of criminal charges that may lead to a penalty of $10,000. To avoid these consequences, businesses should prioritize timely and accurate completion of the survey.
Navigating the complexities of the BE-12 survey can be challenging, especially for businesses unfamiliar with the filing process. However, specialized services are available to help streamline the submission. For a nominal fee, professional filing assistance ensures that companies meet their obligations and submit the required information accurately. By outsourcing the filing process, businesses can focus on their core operations while ensuring compliance with the BE-12 requirements.
The BE-12 Benchmark Survey plays a crucial role in collecting vital information on foreign direct investment (FDI) in US companies. By filling out this survey, businesses contribute to a comprehensive understanding of foreign ownership and interests, aiding policymakers and researchers in analyzing the impact of these investments on the economy. With the filing deadline for the 2022 survey fast approaching, it is essential for eligible businesses to comply to avoid penalties and actively participate in shaping a comprehensive picture of foreign direct investment (FDI) in the United States.
We can help! We can file your BE-12, as one of four forms is required (depending on your business criteria). Even if you are exempt from filing, you need to file the form “BE-12 Claim for Not Filing”. Therefore, the form should still be filed to indicate that you are not required to file the form!
The BEA’s BE-12 Benchmark Survey is a comprehensive assessment of foreign direct investment in the United States, conducted once every five years. It serves as a census, providing detailed information on foreign ownership in US businesses. By collecting data on foreign-owned companies, the BEA aims to analyze the impact of these investments on various economic factors such as job creation, wages, productivity, and tax contributions.
The BE-12 Benchmark Survey is mandatory for companies with more than 10% foreign ownership. These businesses play a crucial role in shaping the US economy, and their participation in the survey helps create a comprehensive understanding of foreign direct investment (FDI) trends and their effects on the nation’s economic landscape.
The primary objective of the BE-12 Benchmark Survey is to generate accurate and reliable statistics on foreign-owned business activities within the United States. These statistics enable the analysis of the economic impacts resulting from foreign direct investment. By assessing the influence of foreign ownership on job creation, wages, productivity, and tax contributions, policymakers and researchers gain valuable insights to inform economic decision-making.
The BE-12 Benchmark Survey is conducted by the Bureau of Economic Analysis (BEA), an agency under the US Department of Commerce. The BEA is responsible for gathering data on US investment abroad and foreign direct investment in the country. Through various surveys, including quarterly, annual, and benchmark filings, the BEA compiles official economic statistics that provide a comprehensive view of the US economy.
The BE-12 Benchmark Survey holds significant importance in understanding the extent and impact of foreign direct investment (FDI) in the United States. By collecting data from businesses with foreign ownership, the survey helps policymakers, economists, and researchers analyze the effects of these investments on job markets, wage levels, productivity gains, and tax revenues. The survey’s findings contribute to informed decision-making and a better understanding of the economic relationship between the US and foreign direct investment (FDI).
All entities with more than 10% foreign ownership or interests at the end of the year in 2022 must file, including e-commerce sites that distribute products digitally, and partnerships with real estate held for non-personal use.
Even if you do not meet the criteria, you still have to file the BE-12 “Claim for Not Filing” form – a form to say you’re not required to file! If you were notified by BEA to file a BE-12 survey, but your business does not meet the filing requirements, the BE-12 “Claim for Not Filing” must be submitted.
Businesses that file a BE-15 annual survey will file the BE-12 instead for 2022.
Each US Business must file one of four different forms, based on these criteria:
A civil penalty can be imposed of between $2,500 and $25,000 as well as a criminal penalty of $10,000. If you have incorporated in the last 5 years then this requirement may be new to you, and there may be relief available for failure to file if you were unaware of your requirements. We can help both to file the report and assist with resolving any issues that might arise from filing late reports.
At TheTaxBooks, we understand the complexities and importance of BE-12 reporting, and our team of experts is committed to ensuring accurate and timely submissions. We provide a comprehensive service that includes information gathering, BE-12 form preparation, and e-filing. Our system is designed to streamline the filing process and minimize the risk of errors or penalties. Additionally, our competitive pricing and responsive customer support make us a top choice for businesses of all sizes.
Getting started with TheTaxBooks is easy! Simply contact us via our website or phone to discuss your business needs and to receive a personalized quote. Once you sign up, our team will guide you through the information-gathering process and prepare your BE-12 form for submission. We also provide regular updates on the status of your submission and are available to answer any questions you may have along the way.
Can TheTaxBooks help with other compliance reporting requirements?
A: Yes! In addition to BE-12 filing, TheTaxBooks offers a variety of compliance reporting services to help businesses stay on top of their regulatory obligations. Contact us today to learn more about our full range of services or refer to our services page for more details.
We can help! We can file your BE-12, as one of four forms is required (depending on your business criteria). Even if you are exempt from filing, you need to file the form “BE-12 Claim for Not Filing”. Therefore, the form should still be filed to indicate that you are not required to file the form!
If you are unsure if you meet the filing requirements or needed help in filing the BE-12 survey, we can help at contact@thetaxbooks.com or +91-9966889968 or +1-972-666-4138
To learn more about how you can reduce your taxes and save money, check out the helpful resources on our blog or contact us today to schedule a consultation.
