Reconciliation entries filed by Taggart can be the solution for complex supply chains with incomplete valuation data at the time of entry.
Importers with complex supply chains, especially those involving free trade agreements and 9802-eligible merchandise, do not always have the final, definite information for valuation available when presenting an entry to Customs for summary and release.
CBP allows for the flagging of entries for reconciliation at the time of presentation. After the merchandise has been released and estimated duties and taxes are paid there is an eligible time period during which corrections to those entries can be made. Importers who file reconciliation entries are expected to use reasonable care during the process.
That final reconciliation entry can contain up to 9,999 entry summaries that are individually adjusted and upon filing of that final, or blanket summary, additional duties and taxes are tendered or a refund request is made.
Reconciliation entries should be used when there are valuation questions in play because of free trade agreements, tooling, assists or other factors that contribute to the final price paid or payable.
Taggart understands everything that goes into the filing of a reconciliation entry from release to final presentation. We work with our clients and their records and technology to streamline and automate as much of the process as possible.
For more information about how Taggart can make your reconciliation filing process go more smoothly, contact us today.
Request information about our reconciliation entry services today!
