Question: Dear All, We have a Reconciliation process established to account for our related transfer pricing adjustments. I have posed the following question to CBP and others on webinars and seem to get different answers. Our broker says we can NOT file any PSC for value correction, if the entry is flagged for Recon. IS […]
Question: Hi, One of our entries was flagged reconciliation type in error. It should be value instead of classification. Ultimately, there will no change on the entry. Is it ok to report on recon entry even it was error on reconciliation type? Thank you Answer 1: Your recon entry will get rejected if you add […]
Question: Has anyone ever filed their first Reconciliation entry and shortly thereafter been audited within the CBP statute of limitations period for the same issue as the initial Recon entry? In other words, historically does/could Recon trigger a customs audit because CBP may believe the issue that triggered the need for Recon began further back […]
QUESTION: We have entries flagged for value recon. If we have a shortage or overage that affects the reportable quantity and value, should a PSC be filed for the reportable quantity and the value updated at recon, or should all items be updated through a PSC (since the value is affected due to the change […]
QUESTION: I have a question whether the value of imported merchandise, if not sold at the time of importation, and it changes after importation, does the entry need to be flagged for value reconciliation? Here’s the scenario: Goods are sold by Company A to Company B in Mexico where the goods are kitted for the […]
QUESTION: We’re taking over reconciliation from another team. Recon has always been filed as aggregate which waives our ability to claim drawback whenever we export any of the imported finished goods. We’d like to change and file entry by entry reconciliation to enable us to claim drawback where we can. Is there a way to […]
We are filing Reconciliation on a US import from Canada, and discovered too late that the PSC we filed was not accepted. Data in ACE shows the wrong HTS and quantity and value are both lower than they should be. The Broker has advised that we cannot file Recon until the HTS is corrected in […]
QUESTION: We are filing Reconciliation on a US import from Canada, and discovered too late that the PSC we filed was not accepted. Data in ACE shows the wrong HTS and quantity and value are both lower than they should be. The Broker has advised that we cannot file Recon until the HTS is corrected […]
QUESTION: I have a question regarding Customs valuation. By way of background, my company is a wholly-owned U.S. subsidiary of a parent company in Denmark. The parent company sells products to us from a Maquiladora facility in Mexico for import into the U.S. We, the subsidiary, are the importer of record. We, in turn, sell […]
QUESTION: Our sister site in MX is considering transitioning to a maquila. They are currently examining their value variance percentages. On the average there is only a 1.1% variance between the original value declared and the actual value reconciled. But, if we dig down to a line level for specific products, the variance can be […]
QUESTION: I’d like to ask the membership their opinion about doing reconciliation. My company has a maquila in Mexico. Almost all of the products that get sent to the US qualify for USMCA. We use the “computed value” method for customs valuation because no “sale” is taking place. But the computed value is technically an […]
Your Social Security Statement QUESTION: Does any member have experience and can provide advice with mitigating penalties for late file reconciliation entries? ******************* Answers: Yes. Once you actually file your recon, CBP’s late filing mitigated penalties kick in. CBP’s 2020 Reconciliation Guide provides (p. 52)( https://www.cbp.gov/document/guides/ace-reconciliation-external-guidance ): In the event that an importer receives a […]
