The Bureau of Economic Analysis (BEA), part of the Department of Commerce, has issued a notice regarding the mandatory Quarterly Survey of Transactions in Selected Services and Intellectual Property with Foreign Persons (BE-125). This survey collects data to measure the U.S.'s trade in services and its impact on the economy. U.S. individuals or organizations meeting certain sales or purchase thresholds with foreign persons are required to report. The survey must be submitted within 30 days after each fiscal quarter ends, except for the final quarter, which has a 45-day deadline. The survey process is approved by the Office of Management and Budget under control number 0608-0067.
Simple Explanation
The Bureau of Economic Analysis wants to know about how certain businesses in the U.S. trade services with people from other countries, so they ask these businesses to fill out a special form every few months to help them understand this trade better. If a business sells or buys enough services or intellectual things like music or inventions from or to other countries, they have to tell the BEA by filling out the form.