Tax comic · October 2026

Phase 3

Debits & Credits · Customs refunds · Inventory accounting · Timing

Debits & Credits comic strip: Phase 3. Transcript below.Open full size

Debits & Credits, October 7, 2026. Laughs are nonrefundable.

Transcript. Panel 1, an importer holds up a CBP notice marked CAPE PHASE 3. “Phase 3 opened yesterday. The IEEPA duty is coming back. Found money.” Panel 2, Debit, red pencil in hand, looks at the 2025 return and an inventory schedule. “You put the duty in inventory. You sold the goods in 2025.” Panel 3, Debit, mug reading “It depends.” “Then the refund is income this year. The interest is interest.”

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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 · carlos@lapresallc.com · (917) 558-6393.