The deadline for submitting form BE-15 to the Bureau of Economic Affairs (BEA) is coming to an end. Learn more about it:
Who should submit the BE-15 form?
US companies that have one or more foreign partners (individuals or legal entities) with at least a 10% stake in the company.
What is form BE-15?
The BE-15 form collects information on companies with 10% or more foreign participation. Among the data that must be informed are those related to the revenue, the corporate structure and the company’s results. This form must be submitted annually, presenting data from the previous fiscal year — that is, the 2020 declaration should contain information from 2019.
What is the deadline for submitting the form?
The deadline for submitting form BE-15 is May 31, but there is the possibility of requesting an extension of the deadline for August 31.
What happens if I fail to submit the forms?
There are civil and criminal penalties if these forms are not submitted. Employees, directors and members may be individually liable.
It is worth remembering that these documents are not tax or accounting obligations to the IRS.
Do you and your company need help with this document? Contact us: info@drummondadvisors.com
