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Tax Blog/Blawg

Tax Talk Blog for Tax Pros

Welcome to TaxBlawg, a blog resource from Chamberlain Hrdlicka for news and analysis of current legal issues facing tax practitioners. Although blawg.com identifies nearly 1,400 active “blawgs,” including 20+ blawgs related to taxation and estate planning, the needs of tax professionals have received surprisingly little attention.

Tax practitioners have previously lacked a dedicated resource to call their own. For those intrepid souls, we offer TaxBlawg, a forum of tax talk for tax pros.

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2023 BEA Filing Deadline

Every five years the Bureau of Economic Analysis (BEA) is required to collect information and compile statistics on the scale of foreign-owned business activities in the United States under the International Investment and Trade in Services Survey Act of 1976. This information is used by the federal government to analyze the impact of foreign investment on the U.S. economy. In general, with few exceptions, if a foreign person (an individual or an entity) owned or controlled, directly or indirectly, 10% or more of the voting securities in a U.S. entity at the end of the of the company’s fiscal year that ended in the calendar year 2022, the U.S. company is required to file a Form BE-12 in 2023.

2023 is a benchmark year, meaning that if you or a client met the above criteria at the end of the company’s fiscal year ending in 2022, a Form BE-12 must be filed. The deadline is May 31, 2023 if paper filing, or June 30, 2023 if filing online. The Form requires detailed information about the U.S. company and its finances, and comes with both penalties of over $50,000 and potential criminal charges for those who fail to file timely. If you are unable to finalize the Form by the deadline, there are extensions available (to July 31, 2023 if paper filing or August 31, 2023 if online filing) in certain circumstances and if requested before the deadline.

Please note that the actual form required to be filed will vary depending on the organizational structure, and the size and/or location of the foreign investment or affiliates, including, but not limited to, Form BE-12A, BE-12B, or BE-12C, supplemental schedules, and/or other similar Forms.

For further information, visit the BEA website and guide at https://www.bea.gov/sites/default/files/2018-04/a-guide-to-bea-direct-investment-surveys.pdf.

Please let us know if we can be of any assistance in determining if you or a client will need to file the Form BE-12 in 2023, or if you need assistance applying for an extension.  

  • Hale E. Sheppard

    Practice Areas

    Hale Sheppard is a partner in the Tax Controversy Section of Chamberlain Hrdlicka.  He defends clients in tax audits, tax appeals, and Tax Court litigation, covering both domestic and international issues. Hale's ...

  • Patrick W. Martin

    With 30 years of legal experience, Patrick Martin’s practice focuses on a wide range of international tax issues. He assists domestic and foreign privately held companies, global investors, funds and other business entities ...

  • Sebastien N. Chain

    Sebastien Chain joined Chamberlain Hrdlicka in 2011 and concentrates his practice on federal, state and local tax controversies, both civil and criminal, and he represents clients at the examination level, administrative ...