The Refundable Ten Percent
Open full sizeDebits & Credits, September 19, 2026. Laughs are nonrefundable.
Transcript. Panel 1, dockside; a crate stenciled WIDGETS / HTS 8479. A CBP officer raises a stamp marked IEEPA 10%; unused stamps for §122 and §301 sit on the counter. Officer: “Ten percent. Authority: IEEPA.” Importer, handing over cash: “Fine. Just clear the crate.” Panel 2, same crate, later; a wall notice reads SCOTUS: IEEPA IS NOT A TARIFF STATUTE. The officer stamps a large check, IEEPA REFUND; an identical crate behind him is marked §301 KEEP / NOT REFUNDABLE. Importer: “That crate is the same ten percent.” Officer: “Different statute. This one comes back.” Panel 3, Debit’s office, the IT DEPENDS mug on the desk. The client holds two papers, IEEPA REFUND and 301 DUTY. Client: “So I get the IEEPA ten back, I still owe the 301 ten, and my basis is…” Debit, red pencil, one eyebrow up: “It depends which ten percent.” Caption: Customs is sending back the ten percent the Court said was never a tariff. The ten percent that still is a tariff stays put.
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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.