Form BE-10

[AZUKHiker]

The world just gets more and more crazy.

I can't remember if this has already been discussed here but every US person that owns at least 10% directly or indirectly in a foreign business or income producing foreign real estate must file form BE-10 with the Bureau of Economic Analysis normally by May 29 2015 but extended to June 30, 2015 for first time filers. Penalty is $2,500 to $25,000 for failure to file.

So everybody with foreign rental property needs to file as well as those owing at least 10% in a foreign business.

For more information see

http://www.bea.gov/surveys/respondent_be10.htm

Time to get an urgent email out to several of my clients.

Update
Turns out this form only needs to be done once every five years with 2014 being the latest. So not quite as onerous as first expected but still extra work to get done by June 30

[DaveO]

I posted a couple weeks ago but got no responses. I have contacted the few clients I have who this could affect. The fact the penalties are so severe and the filing became mandatory without any real notice is the worst part.

[AZUKHiker]

Extension Available

I posted a couple weeks ago but got no responses. I have contacted the few clients I have who this could affect. The fact the penalties are so severe and the filing became mandatory without any real notice is the worst part.

Although the BEA has extended the deadline for first time filers to June 30 I am going to use their formal extension form to apply for extensions to July 31 on the basis of the limited publicity.

[DaveO]

Have you completed a form yet? From what I can see you must order the forms so no fillable and printable form. The estimate of 79.3 hours to compile and complete the form is really scary.

[AZUKHiker]

The are available online and fillable

The forms are available online and are fillable PDFs.

http://www.bea.gov/surveys/respondent_be10.htm

I have quickly looked at the two forms my client's will need, BE-10A and BE-10D, and they don't look too bad.

Tried faxing the extensions this morning and not surprisingly the BEA fax number is busy, so will email those and then mail in the forms in July.