What Is the BE-180? Reporting Cross-Border Services for New Jersey Companies

Over the past few weeks, we’ve broken down the key reports U.S. businesses are required to file with the Bureau of Economic Analysis. From inbound foreign investment surveys like the BE-13, BE-12, and BE-605 to outbound reports like the BE-10, BE-11, and BE-577, each focused on direct investment. But today, we’re switching gears. The BE-180 benchmark survey of financial services transactions between U.S. providers and foreign persons isn’t about ownership. It’s about cross-border services.

If your New Jersey business is involved in providing financial advisory, brokerage, investment, or other covered financial services categories covered by the survey, you may have a periodic reporting obligation. This article will walk you through what BE-180 reporting for U.S. businesses looks like, how to identify reportable transactions, and what happens if you miss the deadline.

Key Terms You Should Know

Before we break down the BE-180 benchmark survey, let’s quickly go over a few terms that can help you make sense of what’s actually being reported and why it matters.

• Cross-border financial services
  This refers to certain financial services categories, such as financial advisory, securities brokerage, or credit card issuance, provided between a U.S. company and a foreign person. Not every type of cross-border financial transaction is reportable; only those listed by the BEA count.

• Foreign person
  In BEA language, a foreign person isn’t just an individual. It can also be a company, partnership, or even a foreign parent group located outside the U.S. If the entity isn’t organized or based in the U.S., it’s considered ‘foreign’ for BEA’s purposes.

• U.S. reporter
  If your company is based in the U.S. and meets the determination of reporting status, you’re the one the BEA wants to hear from. Whether you’re a large financial services company or a small firm with just a few combined sales across borders, you are the reporter.

• Affiliate vs. unaffiliated foreign person
  An affiliate means there’s at least 10% direct or indirect ownership or control involved. Either your company owns 10% or more of the foreign entity’s voting interest, or vice versa. An unaffiliated foreign person is anyone else you do business with across borders without that level of ownership. The Bureau of Economic Analysis tracks both but asks for different details.

What Is the BE-180?

Unlike the other BEA forms we’ve covered, which focused mostly on direct investment, the BE-180 is about something more subtle but equally significant: cross-border financial services. If your business in New Jersey offered services like financial advisory, securities brokerage, or private placement services to foreign persons, you might be part of this required survey of international financial activities. It doesn’t matter if you own part of the foreign entity or not; it’s the service transaction itself that counts.

The BEA uses your data to shape the official record of U.S. trade in services. It feeds into the U.S. balance of payments and directly informs economic decisions at the national level. And yes, it’s required by law. If your business falls into any of the financial services categories covered by the survey, this isn’t something you want to leave to guesswork or ignore altogether.

Who Must File the BE-180?

If you’ve had sales and purchases involving foreign persons for services like investment advice, securities brokerage, financial management, or private placement services, you might be required to file the BE-180 benchmark survey, even if no one at BEA reached out. Here's how to know if BE-180 reporting applies to your business:

• You are a U.S. person or entity that provided or purchased covered financial services from foreign persons in the calendar year

• You are a financial services provider or intermediary, or your company includes such a division or subsidiary

• You must file a response even if your sales or purchases were under $3 million. However, if your combined transactions exceeded $3 million during the year, you are required to complete the full survey; if under, you may submit a partial or exemption response. If the BEA contacted you directly, you must respond regardless of amount.

What Services Are Covered by the Survey

If you’re unsure whether the services your company buys or sells count toward BE-180 reporting for U.S. businesses, this next part is for you. The Bureau of Economic Analysis is very specific about which financial services categories are covered by the survey, and they’ve broken them out by code.

When Is the Report Due?

If your company fits the criteria for BE-180 reporting for U.S. businesses, mark your calendar now. The next filing is for calendar year 2024, and the filing deadline is July 31, 2025. Here’s how to file:

• Electronic (preferred): www.bea.gov/efile

• Mail: BEA, Balance of Payments Division, BE-50, 4600 Silver Hill Rd., Washington, DC 20233

• Private Courier: Use Suitland, MD 20746 address

• Fax: (301) 278-9508

What Information Must Be Submitted?

Once you’ve confirmed that your business meets the reporting status for the 180 benchmark survey, the next step is understanding what the BEA actually wants to see. Here’s what you’ll be expected to submit:

• Total sales and purchases: Provide the dollar value of your reportable sales and purchases of covered financial services categories with foreign persons, broken down by service type. Reporting is required if your combined total exceeded $3 million for the calendar year, or if BEA directly notified you to file.

• Country and relationship breakdown: Indicate the country of the foreign client or vendor, and whether the relationship involves ownership (affiliate, foreign parent group) or is unaffiliated.

• Service types: List the types of services provided or purchased. This includes credit card services, securities lending, financial management services (where discretion is granted), financial advisory services (no discretion), and other covered financial services as defined by the BEA.

What Are the Consequences of Not Filing?

Missing the filing can lead to fines, legal orders, and even personal accountability for leadership. Here’s what’s on the line:

• Civil penalties: Civil penalties for non-compliance currently range from $4,819 to $48,192 per violation, adjusted periodically for inflation.

• Criminal penalties: Willful failure to file the survey can lead to criminal charges, including fines of up to $10,000 per violation. Individuals found guilty may also face imprisonment for up to one year.

• Liability of corporate officers: Corporate officers, directors, employees, or agents who knowingly participate in violations may be subject to similar fines and imprisonment.

Conclusion

If your business provides covered financial services to foreign persons, and your combined sales or purchases of covered financial services exceed the $3 million threshold, this filing matters. The penalties for ignoring it are real, and they’re not small. The safest move is not to wait. Get clear on your status now and submit the data the Bureau of Economic Analysis is asking for before noncompliance becomes a costly headache.

Next up: What is the BE-125, and who needs to file it? Don’t miss our guide to this essential quarterly survey for U.S. businesses.

Are you wondering about any of the issues mentioned above? Please email us at Info@staturelegal.law or call (732) 320-9831 for assistance.

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