Question: We have two IORs. I was advised by our Tax team that we will have separate, retrospective upward (IOR A) and downward (IOR B) TP adjustments against 2011 imports. I was told that the TP Adjustment will not be allocated to a specific product, as it generally the case, but to the COGS. […]
Question: We have two IORs. I was advised by our Tax team that we will have separate, retrospective upward (IOR A) and downward (IOR B) TP adjustments against 2011 imports. I was told that the TP Adjustment will not be allocated to a specific product, as it generally the case, but to the COGS. […]
Question: Do you guys have an estimate on how long it takes for CBP to reply on aRecon application?
Question: i have a friend who seems to think that as long as the invoice price (declared to Customs) and the price paid to the vendor match, it doesn’t matter if the po cost is different. I’ve been through a Customs audit before, and I know that this is one of the things that […]
Question: If the Importer is flagging reconciliation for “Valuation” only, and later discovered that “9802” should have been included as part of the reconciliation program. What are the options at the time of aggregate filing assuming there would be valuation changes to 9802.
Question: We are going through a merger in the up coming weeks and I’ve run into a couple of items I wanted to “run by” the membership. Our legal name and IOR number will change, so I’m issuing revised POA’s with an effectivity date coinciding with the “go-live” of our new company. By the way […]
Question:After a recent internal audit our firm found a large number of undeclared assists over the past five years. We are going to submit a prior disclosure and realize that using the RECON program is a must to ensure these assists are properly added. I think that after submitting the disclosure I would then apply […]
Question: I have about 125 entries that were flagged for reconciliation by a broker that we were testing out while we conducted an RFQ for a new broker. This broker (who wasn’t chosen as our primary and therefore we stopped working with them) has come back to us and advised that while their system […]
Question: I am working on a process for reconciliation. I want to use ACE but I can not find a report in ACE that has the MPF and HMF in it. My broker is saying they can not provide it but I can extract data from their system for their entries. How do I get all […]
Question: For Reconciliation purposes, does CBP offer a free “courtesy no-file report”? If so, how do I obtain a report like this from CBP? I am trying to compile entry information for a reconciliation entry, and I am concerned that I will miss a recon flagged entry. How do the members ensure that areconciliation […]
Question: I would be interested in hearing from any members withdrawn from the reconciliation program. How did you get out of the program? What are the steps? My predecessor signed us up as a concession for valuation issues found during a Focus Assessment. Most of our entries are straight purchases at transaction value. We do […]
Our company manufactures a product in Europe and declares one price upon import into the U.S. We then sell to several different customers at various prices. Does anyone have experience in a reconciliation program of this nature? Can you please share your procedure and the format that you use to present the data?
