Insights

The $365 Million Ford Tariff Evasion Settlement: A Case Study on Integrity

March 15, 2024.
Logistics Publications, Trade Publications

On March 11th, the U.S. Department of Justice announced in a press release that Ford would pay $365 million in penalties to settle their tariff evasion case. Ford was accused of purposefully using incorrect classifications to avoid paying higher duties. The misclassified item in question was the Transit Connect, a...

Egypt Stops Using USD for Trade

February 22, 2024.
Logistics Publications, Trade Publications

As of February 15th, 2024, Egypt announced that their country will stop using the USD in all its trade transactions with other countries. They are now transitioning to the use of their local currency- the Egyptian Pound. The switch to EGP is part of the BRICS de-dollarization program as Egypt was...

In Case You Missed It: Last Week in Allyn Tax News (February 11-15)

February 15, 2024.
Tax Publications

Allyn Tax Fun Facts Happy Monday! Are you ready for more Allyn Tax Fun Facts? Norway experienced a "butter crisis" due to a shortage of butter in 2011. To address the situation, the government imposed temporary taxes on imported butter. To learn more, ask an expert here: https://lnkd.in...

In Case You Missed It: Last Week in Allyn Tax News (February 5 -9)

February 09, 2024.
Tax Publications

Allyn Tax Fun Facts Happy Monday! Are you ready for more Allyn Tax Fun Facts? In Italy, businesses that provide free coffee to their employees, specifically espresso, can enjoy tax breaks. It's seen as a way to boost workplace morale and productivity. To learn more, ask an expert here:...

In Case You Missed It: Last Week in Allyn Tax News (January 28 - February 2)

February 02, 2024.
Tax Publications

Allyn Tax Fun Facts Happy Monday! Are you ready for more Allyn Tax Fun Facts? In one unusual case, a U.S. taxpayer successfully deducted the cost of cat food as a business expense, arguing that the cats served as "mousers" in a junkyard. To learn more, ask an expert...

Navigating FDA Laser Regulations in Imports: Ensuring Safety and Compliance

January 31, 2024.
Logistics Publications, Trade Publications

The importation of laser products into the United States is subject to stringent regulations imposed by the Food and Drug Administration (FDA) to ensure public safety. These regulations are designed to minimize the risks associated with laser devices, which have various applications, from medical equipment to consumer electronics and industrial...

In Case You Missed It: Last Week in Allyn Tax News (January 22 - 26)

January 26, 2024.
Tax Publications

Allyn Tax Fun Facts Happy Monday! Are you ready for more Allyn Tax Fun Facts? In China, lottery winners are required to pay taxes on their winnings. Additionally, the government imposes a 20% tax on the sale of lottery tickets. To learn more, ask an expert here: https://lnkd.in...

In Case You Missed It: Last Week in Allyn Tax News (January 19 - 22)

January 19, 2024.
Tax Publications

Allyn Tax Fun Facts Happy Monday! Are you ready for more Allyn Tax Fun Facts? In the Netherlands, people have successfully claimed tax deductions for rubber ducks. A teacher deducted the cost of rubber ducks used in her classroom as a teaching tool. To learn more, ask an expert here:...

In Case You Missed It: Last Week in Allyn Tax News (January 8 - 12)

January 12, 2024.
Tax Publications

Allyn Tax Fun Facts Happy Monday! Are you ready for more Allyn Tax Fun Facts? In the 18th century, the French government imposed a tax on candles, leading to protests and even smuggling of candles to avoid the tax. This tax contributed to the phrase "burning the midnight oil." To...

In Case You Missed It: Last Week in Tax News (January 2 -5)

January 05, 2024.
Tax Publications

Addressing Common Issues and Challenges Faced During 1099 Reporting Vendor 1099 Reporting poses common tax department challenges, with a key issue being vendor compliance, particularly with accurate Form W-9 submissions. To mitigate errors, establish a robust vendor onboarding process with clear instructions and educational resources to enhance compliance and reduce discrepancies. Data...

Smooth Logistics: The Importance of a Shipper’s Letter of Instructions

December 15, 2023.
Logistics Publications, Trade Publications

In the intricate web of global trade and commerce the efficient movement of goods from one point to another relies heavily on clear communication and meticulous planning. A key document in this process is the Shipper's Letter of Instructions (SLI). This article delves into the significance of the SLI...

Germany’s Chancellor Olaf Scholz Urges Caution Against the Dangers of Protectionism

November 09, 2023.
Logistics Publications, Trade Publications

In a compelling address delivered at a recent international economic forum, Germany's newly elected Chancellor, Olaf Scholz, issued a stark warning against the rising tide of protectionism and its potential detrimental impact on global economic stability. Emphasizing the need for collaborative and inclusive economic policies, Scholz underscored the significance...