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  4. My company purchased accounting, auditing, and bookkeeping services from three countries: $200 thousand from Norway, $500 thousand from the United Kingdom, and $100 thousand from Venezuela (totaling $800 thousand). How should I report the data on the BE-1

My company purchased accounting, auditing, and bookkeeping services from three countries: $200 thousand from Norway, $500 thousand from the United Kingdom, and $100 thousand from Venezuela (totaling $800 thousand). How should I report the data on the BE-1

Your payments of $800 thousand fell below the mandatory reporting threshold for payments of $4 million; therefore, you have three options:

  • You can report these data on Schedule B under transaction code 9, accounting, auditing, and bookkeeping services, and list the country detail.
  • You have a second option of reporting these data on Schedule B under transaction code 9, accounting, auditing, and bookkeeping services, without the country detail – just report the total payments for accounting, auditing, and bookkeeping services on line 34.
  • If you choose not to report voluntarily as described in the two options above, you must report these transactions on line 5 of page 5 (in aggregate together with other transactions below the reporting threshold which you chose not to report voluntarily).

Note - if total sales of a covered transaction with foreign persons are greater than $6 million, or payments for a covered transaction with foreign persons are greater than $4 million, then you must provide the country detail on either Schedule A or B as appropriate.

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