Import compliance is tricky business. Customs regulations are complex, and failure to comply carries hefty penalties. If your company depends on imports—and who doesn't these days?—make sure it hasn't bought into any of these "myths" of import compliance, as outlined by the Global Trade Services group at JPMorgan:

• "Our exposure is limited to the customs duties." Not so. Penalties in the millions of dollars may be assessed for infractions that are unrelated to duties. Liability typically is based on the value of the goods plus the duty.
• "Customs released our shipment, so we're out of the woods." Imports usually are released on arrival, and the entry is filed separately with the duty payment. It can take months for U.S. Customs to finalize, or "liquidate," the entry, and the importer's liability for errors extends for five years after release.
• "The seller prepared the invoice, so mistakes are not our fault." Wrong again. The importer is legally responsible for the information on the customs entry, no matter what the seller shows on the commercial invoice.
• "Our customs broker does all the work, so if there's a problem, he or she will fix it." Customs considers the broker, which typically works under a power of attorney, to be acting as the importer. Just as you are accountable to the IRS when you hire an accountant to do your taxes, you are fully responsible for a customs broker's submissions.
• "Our customs broker keeps all of the entry records, so we don't need to." The regulations require the importer to keep a copy of all import-related correspondence for five years. The importer is responsible for producing those documents in case of an audit or other investigation.