Tax comic · October 2026

Same Rate, Different Hook

Debits & Credits · Tariffs · Customs · IEEPA refunds · Section 301

Debits & Credits comic strip: Same Rate, Different Hook. Transcript below.Open full size

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

Transcript. Panel 1, a client points to a customs entry form showing a 10% ad valorem duty under HTS 9903. Client: “The 10% got struck down. Do we get a refund?” Debit: “Which 10%?” Panel 2, Debit beside a stack of binders: IEEPA crossed out, Section 122 marked expired, Sections 301 and 232 checked. Debit: “IEEPA invalid. 122 expired. 301 still collecting. 232 never left.” Panel 3, Debit holds his “It depends.” mug. Debit: “Same number. Different statute. Different refund. It depends.”

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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.