For businesses in New Jersey and across the country, tariffs are a significant line item with massive implications for cash flow and supply chain stability. The landscape just shifted dramatically when the U.S. Supreme Court ruled that billions of dollars in tariffs imposed under the International Emergency Economic Powers Act (IEEPA) have been declared unlawful. Whether you’re a business owner wondering if you’re eligible for a refund or a CPA looking to provide critical guidance to your clients, our guest William McDevitt, CPA, shareholder at WilkinGuttenplan, provides the roadmap for protecting your bottom line.
Topics discussed:
- How a tariff moves from “ship to entry,” and where businesses are most exposed in that process
- The Supreme Court’s recent decision on tariffs
- How businesses determine whether they’re eligible for a refund
- How the refund portal is working
- Why businesses need to monitor and protect their refund
- Appeals process for claims that are rejected
- Why the refunds aren’t just automatically being processed
- Examples of how tariff issues play out for businesses
- Should businesses keep their tariff refunds?
- What CPAs should be asking their clients and businesses right now
- How businesses and CPAs should think about tariffs in the long-term
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