Are you aware of this May 30, 2025, filing deadline?

Do you have a client with a 10% or greater interest in a foreign business enterprise? If so, there is an upcoming mandatory filing requirement under the rules of the U.S. Department of Commerce’s Bureau of Economic Analysis (BEA). A U.S. person with one or more reportable foreign affiliates is required to file forms for the BE-10 Benchmark Survey for U.S. Direct Investment Abroad for the affiliates’ fiscal year ending in 2024 by May 30, 2025, or, for certain reporters with more than 50 foreign affiliates, June 30, 2025.

The following is a synopsis of the rules related to the filing requirements. This is not intended to be the definitive guide to reporting but rather a heads-up for CPA business advisers to investigate further as needed.

What is the BE-10 Benchmark Survey?

The BE-10 is a survey conducted by the BEA to collect data on U.S. direct investments abroad. The survey is done only every five years, which is perhaps why most CPAs, and their clients, are likely unaware of the filing requirement and this deadline may be missing from the CPA firms’ tickler files. See the BEA webpage “BE-10 Benchmark Survey: Direct Investment Abroad.”

The survey is intended to provide critical insights into the scale and impact of U.S. business activities overseas, which are used by policymakers, researchers, and business leaders to assess economic trends and make informed decisions (see 22 U.S.C. §3101).

The data provided is confidential and cannot be used for regulatory, tax or investigative purposes. The data is not subject to Freedom of Information (FOIA) requests.

Who must file?                                                     

Filing is required for:

• A U.S. person (individual or entity) who owned or controlled, directly or indirectly, at least 10% of the voting interest in an incorporated foreign business enterprise or an equivalent interest in an unincorporated foreign business enterprise as of the end of the U.S person’s 2024 fiscal year (15 C.F.R. §§801.2 and 801.8(b)). A U.S. person can include a C or S corporation, partnership, limited liability company, estate, trust, or nonprofit organization (BE-10 Instructions).
• A “foreign business enterprise” includes any organization, association, branch, or venture that exists for profit-making purposes (15 C.F.R. §801.2(f)).

Filing instructions describe how to determine indirect ownership.

Certain private funds may be exempt from filing the BE-10 survey. For more information, refer to BEA’s guidance for private funds.

If a foreign affiliate is owned by more than one U.S. person, the U.S. person with the highest ownership percentage must file the complete report for that affiliate, while other U.S. persons with at least 10% ownership must file a partial report.

There are attribution rules that should be reviewed that, for example, combine all members of the same family.

What forms are required?

The filing consists of:

• Form BE-10A, Report for U.S. Reporter: This is for the U.S. person or entity owning the foreign investment, referred to as the U.S. reporter. Form BE-10A is filed on a fully consolidated basis for the consolidated U.S. domestic business enterprise, including all U.S. entities under common control.

In addition, foreign entities owned by the U.S. reporter must submit one of the following forms:

• Form BE-10B, Report for Foreign Affiliate of U.S. Reporter, is required for majority-owned foreign affiliates with assets, sales, or net income greater than $80 million (positive or negative).

• Form BE-10C, Report for Foreign Affiliate of U.S. Reporter, is required for majority-owned foreign affiliates with assets, sales, or net income greater than $25 million (positive or negative) but none of these items greater than $80 million, and for minority-owned foreign affiliates with assets, sales, or net income greater than $25 million.

• Form BE-10D, Report for Foreign Affiliate(s), is required for all foreign affiliates (majority or minority owned) with assets, sales, and net income all $25 million or less.

Related foreign affiliates may also have a filing requirement. Check instructions for your particular circumstance.

When is the filing due?

The deadline depends on the number of forms required:

• May 30, 2025, if fewer than 50 forms BE-10B, BE-10C, and/or BE-10D are required. An extension of time to file, can be obtained for good cause if the request is made before the May 30 deadline. The extension must be requested electronically through the BEA e-filing system. The BEA will determine the length of the extension based on the information provided in the extension request. BEA will provide a written response to the extension request.
• June 30, 2025, if 50 or more of the above forms are required. 

Where and how to file

The forms can be filed electronically via the BEA’s e-filing system or submitted by mail or fax.

First-time filers will need to obtain a BEA reporter ID number before submission. This can be obtained through the BEA e-filing system.

Why is this important?

Filing is mandatory under federal law, even if the U.S. person was not directly contacted by the BEA. Ignorance of the filing requirement does not remove the filing requirement. Noncompliance can result in significant penalties:

• Civil penalties ranging from $5,911 to $59,114 per violation (22 U.S.C. §3105(a) and 15 C.F.R. §801.6(a), as adjusted for inflation under 15 C.F.R. 6.3(b)).
• Criminal penalties of up to $10,000 and/or imprisonment for willful violations (22 U.S.C. §3105(c) and 15 C.F.R. §801.6(b)).

The statutory authority for requiring the BE-10 Benchmark Survey is the International Investment Survey Act of 1976, P.L. 94-472, codified at 22 U.S.C. §§3101–3108, as amended).

Contact information for BEA related to the BE-10 is:

Phone (301) 278-9418

Email: be10/11@bea.gov

Fax: (301) 278-9502

Website with FAQs: https://www.bea.gov/be-10-benchmark-survey-us-direct-investment-abroad

In Executive Order 14219, President Donald Trump authorized agencies to deprioritize enforcement of regulations deemed inconsistent with the administration’s policies. To date, this filing required by the BEA has not been listed as problematic. But this could change. Check regularly, but in the meantime, CPA business advisers should notify their affected clients to proceed as if filing is required.

— Kevin J. Walsh, CPA, CGMA, is an owner and vice president of WKS, A Professional Corporation, CPAs, APC, in Fairbanks, Alaska. To comment on this article or to suggest an idea for another article, contact Jeff Drew at jeff.drew@aicpa-cima.com.