EFTA00690204.pdf

From: Richard Kahn To: "Jeffrey E." <jeevacation®gmail.com> Cc: Richard Joslin <1 Subject: Fwd: BEA Extends BE-10 Survey Filing Date: Mon, 01 Jun 2015 15:12:57 +0000 Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 Forwarded message From: Sadis & Goldberg Regulatory Compliance Group <1 Date: Sun, May 31, 2015 at 8:33 PM Sub'ect: BEA Extends BE-10 Survey Filing To: REGULATORY COMPLIANCE ALERT May 31, 2015 BEA Extends BE-10 Survey Filing for New Filers to June 30, 2015 For further information about this Alert. please contact: Daniel G. Viola Please feel free to discuss any aspect of this Alert with your regular Sad is & Goldberg contact or with any of the partners whose names and contact information can be found at the end of the Alert. The U.S. Bureau of Economic Analysis ("BEA") conducts the BE-1.0 Benchmark Survey every five years regarding the extent of investment abroad by US individuals and entities. This year, each US person who had a foreign affiliate at any time during the EFTA00690204 2014 fiscal year is required to file the report by June 30, 2015. In the past, only US persons specifically requested by the BEA were required to fill out the BE-10 survey. The new deadline for filing Form BE-10 was automatically extended only for all "New Filers" to June 30, 2015. A New Filer is a US company or person that is required to file on the BE-10 survey but has never filed any BEA survey of US direct investment abroad, including the BE-10, BE-11 and BE-577 surveys. A foreign affiliate is defined as any foreign entity in which a US company has direct or indirect ownership or control of 10% or more of the voting stock or equivalent interest. A business enterprise includes any organization, association, branch or venture that exists for profit-making purposes. A BE-10A is also required of any entity, private fund included, that had direct or indirect ownership or control of at least 10 percent of the voting stock of an incorporated foreign business enterprise, or an equivalent interest in an unincorporated foreign business enterprise or fund - at any time during the entity's 2014 fiscal year. If a US private fund parent had at least 10 percent voting interest in a foreign business enterprise, including a fund, it must report regardless of whether it had any equity (financial) interest in the foreign business enterprise. If a US investment manager has majority voting interest in several US funds and one or more of these funds meet the filing requirements for the BE-10 survey, the US investment manager and the majority-owned US funds must be consolidated on one BE-10A form. However, if a US investment manager manages or advises, but does not have majority voting interest in, several US funds, these entities should each separately file the BE-10A if they meet the filing requirements for the BE-10 survey. US companies with foreign affiliates who are required to file BE-10 reports are US reporters. The BE-10 report consists of Form BE-10A. A US reporter must file a full Form BE-10A if any of the following three items of the fully consolidated US domestic entity was greater than $300 million (positive or negative) at any time during the US reporter's 2014 fiscal year: • Total assets, • Sales or gross operating revenues excluding sales taxes, or • Net income after provision for US income taxes. If none of these are met, the US reporter need only complete a partial Form BE-10A per the instructions. No de-minimis exemptions are available and penalties for non-compliance can be significant. This Alert does not address the requirements for Form BE-13, which is intended to cover a non US person's investment in a US business enterprise. For filing information please click on the link below: https://www.bea.gov/surveys/respondent be10.htm EFTA00690205 If you have any questions concerning this Alert, please contact Regulatory Compliance partner Dan Viola at 212.573.8038 or Sadis & Goldberg LLP Please feel free to discuss any aspect of this Alert with your regular Sadis & Goldberg contact or with any of the partners, whose names and contact information are provided below. Alex Gelinas, Daniel G. Viola Danielle Epstein-Day, Douglas Hirsch, Erika Winkler, Jamie Kim Jeffrey Goldber Jennifer Rossan, John Araneo, Lance Friedle Mitchell Tara Paul Fasciano Ron S. Geffner, Sam Lieberma Steven Etkind, Steven Huttle L, Yehuda Braunstein, Yelena Maltser If you would like copies of our other Alerts, please visit our website at and choose "Library". The information contained herein was prepared by Sadis & Goldberg LLP for general informational purposes for clients and friends of Sadis & Goldberg LLP. Its contents should not be construed as legal advice, and readers should not act upon the information in this Tax Alert without consulting counsel. This information is presented without any representation or warranty as to its accuracy, completeness or timeliness. Transmission or receipt of this information does not create an attorney-client relationship with Sadis & Goldberg LLP. Electronic mail or other communications with Sadis & Goldberg LLP cannot be guaranteed to be confidential and will not create an attorney-client relationship with Sadis & Goldberg LLP. Sadis & Goldberg 1.12 1551 Filth Avenue, 21st Floor I New York, NY 10176 212.99Z3243 Copyright © 2015 Sadis & Goldberg LLP Forward this email EFTA00690206 This email was sent to by Update Profile/Email Address Rapid removal with SafeUnsubscribem Privacy Policy. 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