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 […]
QUESTION: If a Value Reconciliation entry has been liquidated and the importer then determines that additional duties are still owed, what is the process to pay the outstanding duties owed? Must the Importer file a Prior Disclosure or is there an opportunity to protest the Reconciliation entry? ===================== ANSWERS: Yes, a recon entry is protestable, […]
QUESTION: Since Customs does not allow informal entries to be flagged for reconciliation, does this mean they are not interested in reconciling these low value shipments? If we are doing recon for valuation reasons, are we obligated to file our low value shipments as formal entries in order to reconcile them? Or can we assume […]
Question: Do Mexico and Canada have Reconciliation programs similar to that of the US? Specifically, I am wondering what the procedures/process are available for imports into Canada and Mexico in cases where only provisional values are available at the time of import and will likely change a couple of months after entry. ========== Answers: Canada […]
Question: Is it possible to get a company’s reconciliation due date extended by CBP? I know that value reconciliation is due 21 months after the entry summary date, can we get this extended? Otherwise what are the options if a company is not able to file timely? ************* ANSWERS: Yes and no. The actual time […]
Question: I’d like to ask the membership how to handle reconciliation entries (type 9) that are filed in ACE via one broker but actual reconciliation is handled by another broker. Does the Importer/original filing broker and Broker handling reconciliation all have access to information via ACE? ========== Answer: In ACE, the importer has access to […]
Question: I’m looking into US Customs Reconciliation Program for valuation due to anticipated ‘Assists’. I’d like to use the Computed Method. Our contract it our foreign supplier would be for labor. I’d like to create an ‘Assist’factor that would be used (multiplied) across all the parts importing. For the first year, this would be based on […]
Question: Does anyone have any suggestions on unflagging entries in ACE for recon? ACE reps say the responsibility was handed down to the port. Port says that they don’t have the system capability or know how to. We are close to our deadline for submitting our report for value but a few entries that don’t […]
Question: If a company in US has completed year-end tangible goods adjustments for the last 4-5 years, would it be a legal obligation / requirement for that company to sign up for Reconciliation program with CBP? ************* ANSWERS Yes, my company does something similar in that in-year imports are reported at standard costs and then […]
Question: Does anyone know of any Recon reports in ACE? I found several canned reports that have the Recon indicator but not the Recon due date. I have also tried creating a report from scratch, but cannot locate the Recon due date in any of the fields. ************ ANSWER: We have not been able to […]
