Remember the postcard tax return? It’s been touted by various government officials since 1950. The idea is simple (and beautiful): What if you could file your taxes on a simple, easy-to-use postcard? Just imagine all the hours you could save! Or how about Form 1040EZ? The name itself underscores the simplicity. That is, until you…
We have been asked quite a bit recently as to the latest controls, restrictions and activities specific to exporting to China. Where to begin? There have been many changes over the last few months. The below are short summaries of the major areas of new export controls concerning exports to China. Restrictions Involving Publicly Traded…
Last week, the U.S. Department of Justice announced that a former Raytheon engineer was sentenced to 38 months in prison for violations of the Arms Export Control Act (AECA). According to the press release, Wei Sun, 49, pleaded guilty to one felony count of violating the AECA. He was sentenced by District Court Judge Rosemary…
Why are Customs Regulations Important? US Customs at its core is the top law enforcement agency for America. It was established to help control the flow of goods and people in and out of the country. One of their main obligations is to collect duties and taxes on the merchandise that is imported. They also…
What does OFAC compliance mean for your business? We frequently talk about BIS and DDTC when it comes to export compliance, but less often, do we discuss the importance of OFAC compliance. When it comes to OFAC compliance, there are three mistakes we often see companies make: Failing to Understand How Far-Reaching the OFAC Sanctions…
Are you Conducting Business with the Department of Defense? If your answer is “yes,” you’ll soon need to comply with the new standards based on the Cybersecurity Maturity Model Certification (CMMC). Moi? Yes, you. Don’t panic, there’s plenty of time to get certified, but you really need to get rolling now. Between June and September of…
What Is An Exporter of Record & What Do They Do? International trade compliance has several moving parts that need to work together to ensure your business runs efficiently to avoid hefty penalties throughout the process. An Exporter of Record (EOR) is an integral part of your company’s trade compliance plan because they ensure that…
Is Your Company’s Understanding of ITAR Procedures Flawed? Earlier this month, I was reading some articles online and found the following statement about a company and its ITAR requirements (bold emphasis mine): “Export-controlled technical data has a unique set of rules designed to ensure that it is not inadvertently released or “exported” to foreign persons…
Asking The Right Question: Are You Trade Compliant? Very often, we talk with individuals who are focused on specific needs. They have questions like: “How do I get an ITAR license?” or “What is the ECCN for my product?” Although these questions are valid and essential, sometimes companies need to step back and look at…
What is ITAR? The International Traffic in Arms Regulations (ITAR) regulates the export of defense articles and defense services. However, these rules don’t just apply to weapons, but also anything that could be used by a foreign country to threaten U.S. interests and national security. Any company in the United States who is engaged in…