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In this week's edition: the IEEPA tariff refund process now live and we're going deep on a variety of angles.
If you need help with your ecommerce accounting, sales tax, inventory management, CFO, or other accounting related issues, let us know. |
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1. [READ] How to Get a Tariff Refund for Your Business |
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Nerd Wallet outlines 6 steps for IEEPA tariff refunds:
- Set up an ACE account
- Add bank information to ACE portal
- Confirm eligible tariff entries
- Prepare your Consolidated Administration and Processing of Entries (CAPE) declaration
- Submit your CAPE declaration
- Wait for a refund
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- Phase 1 covers unliquidated entries and entries up to 80 days after their liquidation date.
- Importers and authorized customs brokers who have
- (1) established an ACE Portal account
- (2) provided bank account information
- (3) properly submitted a CAPE Declaration
- may now begin using the CAPE tool that is designed to consolidate refunds of IEEPA duties and interest.
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[READ] Will tariff refunds mean tax burdens? |
- If you deducted tariffs before, your refund could count as taxable income
- If tariffs were added to asset costs, refunds may adjust depreciation and trigger recapture
- Refunds can impact transfer pricing, potentially changing costs, margins, and duty calculations
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