Bonds & Compliance · asked by @BigBoss · 2026-09-28 · 1 reply
Power of attorney from a partnership (CBP Form 5291): the 2 year limit
Small one that shows up on the exam and i bet is sitting in a lot of filing cabinets right now. 141.34 says a POA from a partnership is only good for 2 years from the day its signed, every other kind can be unlimited. Easy points because all the wrong answers sound right.
What i actually want to know from the people doing this for real, does anyone track it? Say a brokerage signed up a partnership client in 2021 and has been filing on that POA ever since. It died in 2023. And 141.46 says the broker keeps the POA in his own files, it never gets filed with CBP, so nobody at CBP is going to catch it for you. Has anyone seen this come up in an audit
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@Broking_Bad · 2026-09-30
The 2 years runs from the date of execution, not the date you started filing on it. pull the signature date off the 5291 and put an expiry date next to it wherever you onboard clients. Most shops only look at a POA at setup.
The worse one sits right next to it in 141.39(b). If the partnership changes members, it is a new firm, and the old POA is not recognized for any Customs purpose, even if it is six months old. So you need to hear about a partner leaving.
And because 141.46 keeps it in your files instead of CBP's, it is a records problem when it surfaces. 111.23(b) has you keeping POAs until revoked, then 5 years after revocation or after the client goes inactive, whichever is later. An expired one is sitting right there for whoever reviews your books.
Exam angle for anyone studying: the 5291 is optional under 141.32, partnership means 2 years max, everything else can be unlimited, and a POA to a minor is never accepted under 141.31(c)
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