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Foreign Assets Require New Form

Posted on: July 13th, 2015
foreign asset protectionEvery five years the Department of Commerce (DOC) facilitates a mandatory survey of offshore business assets. Companies were pre-selected for past surveys; however, the DOC made the 2015 survey a requirement for all United States persons (individuals, trusts, estates) who own interest in foreign assets. 

The survey is completed on Form BE-10. According to Wealth Management, “[the form] must be filed by any U.S. person who had direct or indirect ownership or control of at least 10 percent of the voting stock of a foreign business enterprise at any time during 2014.” Qualifying foreign interests include:

  • Both unincorporated and incorporated businesses
  • Commercial real estate
  • Residential real estate (not exclusively for personal use)
  • All land ownership (income production not a factor)
  • Any income-producing business interests

This year, the deadline for filing Form BE-10 has been extended from an original date of June 30, 2015 to a new date of August 30, 2015, but only if the individual files for an extension. Penalties up to $25,000 are imposed on parties who unintentionally neglect to file the BE-10, and additional penalties (as well as possible prison time) could apply if the party willfully failed to file.

The federal government has amended several reporting requirements for foreign assets over the past few years. The BE-10 survey requirement above is issued by the Department of Commerce, the Foreign Account Tax Compliance Act (FATCA) became law in 2010, and last year the Internal Revenue Service released several reporting requirements for foreign financial institutions with United States account owners. Maintain regular asset reviews with an attorney to ensure compliance is met. Follow our asset protection attorneys on Twitter @estateplansnc and Facebook for updates on important legislation changes.
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