Customs Valuations, Statutory Additions And More!

Who likes to sit up at night reading financial statements and footnotes, general ledger transactions, charts of accounts, and other accounting documents? Does anyone actually look forward to reading a royalty agreement?

Most business owners and CEOs would say 'not me!' – they just want to get their merchandise into the hands of their customers as quickly as possible. But understanding what's in your accounting documents is critical. You may not know it, but U.S. Customs and Border Protection ("US CBP") has the authority to go on fishing expeditions in your books. They can monopolize hours of your valuable time asking questions and demanding explanations, like if there are assets on a US importer's books that are held outside the US, or how importers can explain any additions to prices paid or payable.