'No matter how bad a child is, he is still good for a tax deduction.'
With the passage of the Mod Act, importers bear the burden to correctly quantify, value, classify, and comply with all import laws. U.S Customs & Border Protection [CBP] has initiated aggressive auditing programs granulating down to statistical data fields, in an effort to make companies aware of the seriousness of national import compliance. The fines, penalties and forfeitures can be steep, including business interruption as the CBP will inspect and warehouse your shipments once you are deemed an 'unacceptable risk'. In addition, your external auditors are reviewing international trade as a significant process under Sarbanes-Oxley. Compliance is not an option. Each business importing into a country has the following requirements:
Properly list quantity, value, classification and statistical information of all imported goods.
L&V develops Import Management Systems that include an Import Compliance Manual, policies & practices that strategically fit your company. It is designed as a comprehensive review of your import activities and is the best way to demonstrate that your business is not at an "unacceptable risk" to CBP. In addition, we review your customs broker performance. We can provide you with quarterly broker error reports that enable you to make import corrections within the timeframe the law allows. If necessary, we can survey broker RFQ's to assess and evaluate a new broker program.
At L&V Partners, we've been serving the accounting needs of Andover, MA and the surrounding areas for years. If you need help managing any aspect of your business's finances, we want to hear from you.
Please fill out this form and let us know how we can be of service. We will happily offer you a FREE initial consultation to determine how we can best serve you.
Thank you for visiting. We look forward to working together!