I file the BE-125 Quarterly Survey of Transactions in Selected Services and Intellectual Property with Foreign Persons. Do I still need to complete the BE-120?

Yes. The Office of Management and Budget (OMB) regulations require each U.S. person that had reportable transactions with foreign persons in the covered services or intellectual property during its fiscal year to file a BE-120, even if they were not contacted by BEA. Additionally, while there is some overlap between the two surveys, the BE-120 collects additional information not covered by the BE-125 survey. Any revisions or adjustments to transactions not reported on your BE-125 filings should be made on the BE-120.