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 […]
QUESTION: In updating a continuous bond is there any flexibility on how the parent and subsidiary companies are reported ? Is it simply one bond for the parent and list the importer numbers of the subs ? ================== ANSWERS: There is tremendous flexibility. You can issue one bond and include all IOR numbers, or you […]
QUESTION: My company’s import bonds are up for renewal and we have numerous U.S. legal entities listed under two separate bonds. Should we try to consolidate them under one bond? If so, what would be the steps to do that? If not, why not? ========== Answers: You can consolidate them by simply contacting your bonding […]
QUESTION: I am writing to ask the membership about their experience regarding the cancellation of an existing Customs bond and the re-issuing of a new bond. Have you experienced delays in your shipments due to the cancellation and re-issuing of the bond? Any advice how best to avoid potential delays? ========== Answers: When you cancel […]
QUESTION: Is it a requirement for having an ‘active’ customs bond at the time of filing the Reconciliation Entry(Type 09 Entry)? We changed the customs bond in the middle of the year and I guess many importers may be doing this as well. Example: Entries filed from 1/1/2016 through 9/10/2016 – Bond number 1 – […]
