QUESTION: If a customs bond has lapsed (or been cancelled) and someone tries to import under the EIN for that bond, will CBP stop the transaction? Or is it up to the importer to know? *************** Answers: The transaction will not clear customs as the entry will reject for an invalid bond. ************** The broker […]
QUESTION: We are trying to renew our bond. We are pass-through entity and definitely will not provide our Customs partners with tax returns. As for audited financials, we consider margins and footnotes highly confidential. We have provided a surety company with Excel versions of summary financial statements that were in excess of what we sent […]
QUESTION: We are trying to renew our bond. We are pass-through entity and definitely will not provide our Customs partners with tax returns. As for audited financials, we consider margins and footnotes highly confidential. We have provided a surety company with Excel versions of summary financial statements that were in excess of what we sent […]
Your Social Security Statement QUESTION: I have entries that needs PSC/Protest filing but the continuous bond has expired. Am I still able to file PSC/Protest? Do they need SEB? *************** Answers: Your original Bond is still valid on date of entry…. it remains open with respect to those entries throughout the liquidation process. ************* You […]
QUESTION: My company is about to become users of someone else’s ftz. Do we need to get an additional bond—on top of one we already have for imports—for our entries into and out of FTZ? %%%%%%%%%% ANSWER: No you do not – the FTZ that you are using has the FTZ Bond, you only need […]
QUESTION: Probably a question for surety companies… Company A has several wholly owned subsidiaries. Among them is the XWZ Corporation. XWZ has its own Tax ID and its own Customs bond. Company A sells XWZ to Company B. Company B intends to have WXZ remain a separately incorporated subsidiary. The Tax ID transfers with XWZ. […]
QUESTION: Can you put two separate companies, owned by the same corporation, but operate separately with different IRS numbers on the same Customs Bond? They are not just a suffix IRS. Completely different and operate independently. And if so, if one company went out of business or had issues with compliance etc. how would it […]
QUESTION: A random customs broker, completely unknown to my organization, has taken over our continuous customs bond. I must now get it transferred back. ACE Support was unable to assist, and I’ll continue to work with my current broker on this, but How is this possible / legal without my company’s express consent? What is […]
QUESTION: Looking for guidance on: How to Calculate the Bond Amount for IOR that does TIB’s and has regular ADD entries ( 114% ) Do you just calculate the previous Duty + Fees for the preceding 12 months INCLUDING ADD fees paid + plus the duty avoided by using TIB ? Secondary, do other IORs […]
QUESTION: With the recent passing of the 3rd Section 301 list, our company will be affected and our import duty will increase. To assess the correct import bond amount, should we wait a year to have a full year’s worth of data with increased duties paid or should we do a projection now and increase […]
QUESTION: If our surety company advised us that our Customs bond is insufficient, but the pending List 3 of Sec 301 tariffs would greatly increase our total DTF (duties, taxes, fees) should we wait to see what happens with that, or increase now? I’m concerned with stacking our bond and having multiple layers of liability. […]
QUESTION: Would like to know what value members typically have on their C3 bond for re-importing dunnage across the border from Canada. (Racks, wood, foam, cardboard) We cannot put serial #’s on the foam or cardboard, but could on the racks with wheels. Trying to get this “packing material” back and forth without paying […]
