Tax comic · September 2026

The Hook

Debits & Credits · Tariffs · IEEPA · Section 301 · Section 232

Debits & Credits, September 18, 2026. Laughs are nonrefundable.

Transcript. Panel 1, a customs dock; a crate stamped CHEESE / PRODUCT OF CANADA, the importer holding Form 7501, sticky notes on the warehouse wall listing every recent tariff hook. Importer: “Which statute is collecting this duty?” Debit: “What time did the truck roll in?” Panel 2, close on the notes: IEEPA and §122 crossed out; §301, §338, and §232 remain. Importer: “It’s the same cheddar.” Debit: “Different hook. Same bite.” Panel 3, Debit at his desk with the red pencil and the “It depends.” mug; a paper on the blotter reads HOUSE BILL ADDS ANOTHER TARIFF SECTION. Importer: “They filed a new bill yesterday.” Debit: “Cite it in pencil.” Caption: After IEEPA fell, the duty kept its job. Only the citation changed.

This alert is for general information only and is not tax, legal, investment, or accounting advice. Consult your own advisers before acting. Carlos A. Schmidt, MBT, MBA, CPA · Managing Member · carlos@lapresallc.com · (917) 558-6393.