What is Periodic Monthly Statement Processing Program?

Posted on: July 28th, 2011 • In Bond Type: 301-1 - Importer, Bonds

When an import is made into the U.S., the duties, taxes and fees are due to Customs within 10 days. The Periodic Monthly Statement Processing Program (PMS) allows the principal to pay these duties, taxes and fees on the 15th working day of the following month. This program is only

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Paperless statements and renewal invoices

Posted on: July 28th, 2011 • In News

In an attempt to better serve our clients, C.A. Shea can now offer emailed statements and renewal invoices. This allows our clients to receive their statements and renewal invoices directly into their email inbox without having to worry about documents getting lost in the mail. It also cuts down on

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Claims – The CF5955A

Posted on: July 28th, 2011 • In Claims

The CF5955A, Notice of Penalty or Liquidated Damages Incurred and Demand for Payment is one type of claim Customs can make against a US Customs bond. When initially issued, the principal has (60) days to either file a dispute in the form of a petition or make payment to Customs.

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Why is a current address so important?

Posted on: July 28th, 2011 • In Bonds

It has become ever more important for bond principals to keep their bonds up to date. In the last few years, Customs has initiated a number of policies that can have a serious affect on your client’s ability to operate. The most serious of which is a “bad address.” When

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What you or your client may not know about the Periodic Monthly Statement Program and the potential negative effects.

Posted on: July 28th, 2011 • In Bonds

The periodic monthly statement program (see the side bar) is becoming more and more popular among importers. In a recent meeting with Customs, representatives of C.A. Shea learned that as many as 600 new importers a week sign up (or are signed up by their customs brokers) to pay their

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