Porzio's BEA compliance team brings experience, efficiency and proprietary software tools to fulfill the burdensome mandatory reporting obligations imposed by the United States Department of Commerce's Bureau of Economic Analysis, commonly referred to as the BEA.
The BEA imposes mandatory reporting requirements upon U.S. persons and businesses with a 10% or more ownership interest in a foreign business and U.S. businesses that are themselves 10% or more foreign owned. These reporting requirements can be triggered by both direct and indirect business ownership interests and are applicable whether a business enterprise is incorporated or not. BEA reports require tracking and disclosure of significant financial and operational data on a quarterly, annual and five-year basis, and upon new establishments, acquisitions or expansions of U.S. businesses that are 10% or more foreign owned. Failure to file BEA reports can come with both civil and criminal penalties.
Porzio's BEA compliance services include BEA compliance assessment, navigation through and analysis of complex data requests, information gathering and retention, and report fulfillment. Porzio's attorneys have significant experience assisting clients with the BEA's complex reporting requirements and simplifying the filing process, significantly decreasing clients' reporting burden and ensuring full and timely compliance.