Significant amendments to the Harmonized Tariff Schedules of the United States (HTSUS) will take effect on January 1, 2022.  These changes implement a major revision to the Harmonized System (HS) nomenclature adopted by the World Customs Organization (WCO) known as “HS 2022.”  A complete list of all the HS 2022 amendments published by the WCO is available here.  Proposed changes to the HTSUS are set forth in USITC Pub. 5171 available here.  The final version of the changes to the HTSUS...

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As companies  grow and move along their business life cycle, a question frequently arises as to whether the company should have an audit or review performed.  Let’s summarize the differences as well as the pro’s and con’s of both of these two types of assurance services provided by CLA and other CPA firms. Audit An audit provides the highest level of assurance, including an opinion being rendered on the financial statements.  Auditing standards require that the auditor gain an understanding of the...

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This holiday season is keeping retailers on their toes. On one hand, the return of somewhat normal operations and expectations that consumers are lighting up the registers are causes for celebration. On the other, getting product on shelves and in customers’ hands has been a slog due to supply chain problems and overburdened postal and delivery services. While you may be forgiven for wanting to quietly nurse your holiday hangover, this is the time to take stock, assess which of the many issues...

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The USPTO has decided to delay the effective date of the non-DOCX surcharge fee from January 1, 2022 to January 1, 2023, giving applicants more time to adjust to filing their patent applications in DOCX format. We at PSBN will continue to keep you informed of all further developments on this topic. Read more below! https://eaccny.com/news/member-news/panitch-law-uspto-announces-docx-requirement-for-certain-patent-applications/ Compliments of Panitch Schwarze Belisario & Nadel LLP - a member of the EACCNY.

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In this week’s Roar, the featured news includes a delay with the LA-LB congestion fee, torrential rain at the port of Vancouver, new hope for the supply chain crisis, foldable shipping containers, and the FMC’s analysis of maritime data sharing. At least for now, shippers don’t have to worry about the $100 daily LA-LB congestion fee since port officials have decided to temporarily delay the charge. Based on a recent article by FreightWaves, this decision resulted from “a 26% reduction in long-dwelling...

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Previously published on JDSupra here | The Foreign Account Tax Compliance Tax Act (FATCA) became law in 2010 and is a major development in the taxation of Americans living abroad. FATCA is a tax law that requires U.S. citizens at home and outside of the United States (U.S.) to file annual reports on any foreign account holdings. FATCA is intended to prevent tax evasion by U.S. citizens and residents via the use of offshore accounts. The FATCA rules run parallel to the...

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This article is part of Portolano Cavallo’s “INFORM@Life Sciences” Newsletter. Click here to subscribe The devices known as “legacy devices” should be subject to the application of only some of the provisions and requirements set forth by the MDR, as better clarified and identified by the Medical Device Coordination Group report issued on October 21, 2021 (“MDCG 2021-25”). That report offers preliminary and non-binding guidance for stakeholders until specific guidelines are issued at a later date. Definition of legacy devices A medical device is...

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On Wednesday, the European Commission unveiled three new initiatives it views as necessary to making its European Green Deal a “reality”. Included in its proposals are new rules aimed at curbing EU-driven deforestation. Speaking in relation to these proposals Executive Vice-President of the European Commission, Frans Timmermans emphasised the need for Europe to “take responsibility to act at home as well as abroad”, adding the Commission’s deforestation regulation “answers citizens’ calls to minimise the European contribution to deforestation”. Similarly, Commissioner...

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Original Press Release Here New York (Nov. 17) – James D. Rosener was honored yesterday (Nov. 16) by the American Society of the French Legion of Honor with its 2021 Medal for Distinguished Achievement. The award ceremony was conducted at a reception held at The Links Club in Manhattan. Mr. Rosener is the President and founding member of the European American Chamber of Commerce New York . He also chairs the American Battle Monuments Foundation, serves as Director of the Chambre...

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"In September 2021, exports and imports of goods recorded nominal year-on-year growth rates of +10.3% and +17.5%, respectively," Statistics Portugal (INE) announced. The exports of goods increased 10.3% YoY, and imports rose 17.5% YoY this September. In the cumulative period from January to September 2021, Portuguese companies exported 20.1% and imported 18.1% more compared to last year. Statistics Portugal (INE) announced. “In September 2021, exports and imports of goods recorded nominal year-on-year growth rates of +10.3% and +17.5%, respectively (+16.9% and...

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