QUESTION: Can someone advise what the difference is between post summary correction and reconciliation? Or is it the same? ========== Answers: Post summary correction is simply going back and correcting mistakes on the entry. Everybody should do this. Reconciliation on the other hand, is used if the value of an import is estimated at time […]
QUESTION: We see shortages (and sometimes overages) in quantities received from many of our suppliers. Accounting has determined that they do not want to establish a tolerance level and will request revised invoices from the supplier regardless of the variance dollar amount. Therefore, for every quantity difference we experience at time of receipt, we are […]
QUESTION: We did some import audits and realized incorrect HTS with zero duty was used on 2016 and 2017 entries (about 40-50 shipments). The correct HTS is 2.3% duty. Also, the part is manufactured wholly in Thailand. Shouldn’t I file a PSC to correct all the entries with the correct HTS and claim GSP ? […]
QUESTION: Do any members have the experience of filing a timely PSC yet Customs takes no action on it and liquidates the entry with no change? It doesn’t happen to us often but is very unfair when it does occur. ========== Answers: The Post Summary Correction is an administrative accommodation offered by Customs – […]
QUESTION: We are finding that some of our PSCs, although sent to CBP by our broker were not actually processed by CBP. We’d like to close the hole in this process by monitoring that we receive either an Approval or Denial indication from CBP. Our broker advises ACE is only for protests and 520(d) claims. […]
QUESTION: I was wondering if there was an industry standard for filing Post Summary Corrections. During post-entry audits we often find things that were missed on the original 7501, such as our broker assigning an incorrect HTS code, thus affecting the duty rate, an assist missed in filing, or maybe the container was short-shipped and […]
QUESTION: We do our entry review the same week we receive the billing back from our broker so mistakes are caught fairly quickly. We have caught two entries this week with incorrect HTSUS numbers. The broker is telling us that since these are informal entries and liquidate upon payment they cannot file a PSE for […]
QUESTION: If an entry that should have been flagged for value was erroneously not flagged can the value be corrected via a PSC if the error was discovered after the summary date? My understanding that Reconciliation and Prior Disclosure are the only options for adjustments to value. I am confirming that this is correct. ========== […]
QUESTION: Please forgive me for bringing this up as this has been brought up before, but I’m finding conflicting information in my research. I’m hoping the membership can help clear up some of my confusion. Quarterly PEA Reports (for non-revenue changes and revenue changes under $20): I have read “on-line” that these are no longer […]
QUESTION: We understand that PSCs with a revenue adjustment of less than $ 20.00 are not required. We import under a preferential trade program and have discovered potential issues with our valuation. There will be zero duty impact with making value corrections so we are clearly under $ 20.00/entry. I would think to cover ourselves […]
QUESTION: Our company is considering self-filing our post summary corrections (PSC). We would like to benchmark with the ICPA community to see what other companies are doing. 1. Is your company self-filing for PSC? 2. If yes to Q1, please answer the below: a. What system(s) is/are used for self-filing? b. How much time in […]
QUESTION: We file Post Summary Corrections when we determine upon receipt that there were overages or shortages of product even if the difference in duties and fees is less than $20. Occasionally, these discrepancies are simply the wrong style number being provided. The HTS classification and quantity are the same, but the value may differ […]
