QUESTION: As there is a CBP Recon Program for the USA, are there ones in Canada and Mexico? If so what they called. Also can an NRI, who imports into the USA participate in the Recon Program, or is it just for USA based importers. ============ Answers: Reconciliation is a US program. In Canada if […]
QUESTION: Per the ACE Reconciliation Prototype, value reconciliations are due within 21 months of the oldest entry summary flagged for and grouped on that reconciliation. My question is: 21 months from which date on the entry summary? Entry date? Import date? Entry Summary Date? Time Frames Reconciliations have due dates for filing, which are determined […]
QUESTION: Is there a percentage over the original imported value that when reported thru recon will raise red flags with CBP ? I looked in the Recon handbook and could not find any guidance. If the recon adjustment is 10 – 15 % I think not. If a recon adjustment is 70 – 80 % […]
QUESTION: The organization I work for uses transfer price adjustments (TPA) for related party transactions. When preparing for customs reconciliation filings, what are the questions that I should be asking our corporate tax group to get the TPA information required to complete the reconciliation filing? =================== ANSWERS: In my opinion, I would not ask them […]
QUESTION: When we look at AM-reports in ACE we can see a recon flag for certain entries. However when we look at the ESM-report equivalent for the same entries there are no recon flags set. Have any members experienced this in the past and how was it addressed ? Which reports will Customs use to […]
QUESTION: I’m interested to learn which reports are used by members filing recon? Are any of the members using U.S. Customs’ Masterfile Extract and Liquidation Extract files when preparing to file recon entries? Or, are you using only the ACE and ITRAC data? Thank you! ========== Answer: Yes, we also use Masterfile Extract […]
QUESTION: Seeking input from group regarding any experiences similar to the following scenario: -Importer enters product utilizing estimated “Computed Value” as the basis of appraisement -All products are imported utilizing “Computed Value” and all have been “free of duty” as NAFTA originating goods -Importer, for many years, was a Reconciliation participant (calendar year filing […]
QUESTION: Does anyone in the membership have a Recon procedure they would be willing to share? ========== Answers: Talk with your broker, it is going electronic. ========== The question is awfully broad. One really needs to understand a lot more details to come up with a recon process, however, here are some general thoughts: […]
QUESTION: Does anyone in the membership have a template in Excel they use to collect data for Recon they would be willing to share? ========== Answer: Please see attached. http://www.icpainc.org/wp-content/uploads/2014/10/5982fe7b3be61.xlsx =========
QUESTION: Discovered a valuation error as a result of a CF-28 request. It was a related party transaction with a computed value methodology (claimed – not tested/validated). We discovered that the value declared on the invoice for the item the CF-28 flagged was really low (for example the value declared didn’t even cover the material […]
QUESTION: We are an importer using the Reconciliation program. We usually file the Recon entries about 180 days after the entry. Even after the Recon entry has been filed, could we still file a qualifying UKFTA 520D claim (which has a time limit of 1 year)? If yes, would the 520D claim be filed against […]
QUESTION: Value reconciliation has not been done in my company for a number of years and I’m looking to start it up again. I guess this is one of those things that were not properly documented and failed to continue. I’ve been having a difficult time trying to understand the import process to make sure […]
