Tariffs and Trade Updates
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Tariffs are now a seemingly permanent cost consideration for U.S. manufacturing companies sourcing capital equipment and raw materials globally. This means business leaders need to better understand the rules, especially as certain tariff refunds have created additional complications. Misclassification when accounting for tariffs can affect taxable income, timing of deductions, and missed opportunities. Keep reading to learn more about how tariffs affect your business from a tax perspective....
Key takeaways
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Manufacturing businesses need to properly account for tariffs on their taxes, or face problems around taxable income, timing of deductions and missed opportunities.
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Tariff costs depend on the type of good being tariffed, with capital equipment, raw materials and R&D supplies all treated differently from a tax perspective.
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Additional wrinkles like R&D tax credits and IEEPA tariff refunds could also change your tariff tax exposure.
This webinar update is provided by MAM Partner Wipfli in response to the tariff changes that took affect Friday, July 24th, 2026. Cara Walton from Wipfli is joined by lobbyist and tariff expert, Omar Nashashibi of Inside the Beltway, who has 27 years of experience representing manufacturers and trade associations in Washington, DC, focusing specifically on global trade issues.
This MAM-hosted webinar highlights the current tariff landscape (as of April 28th), steps required to file and receive a refund, and a vetted provider of assistive services that can handle the entire refund process for any manufacturer.​
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Barry Simon from Tariff Refund Project is a trusted source for information and services. He can be reached at barry@cdnoperations.com.
U.S. Customs and Border Protection (CBP) is developing the Consolidated Administration and Processing of Entries (CAPE) functionality within the Automated Commercial Environment (ACE) to streamline the submission and processing of valid refund requests for duties imposed under the International Emergency Economic Powers Act (IEEPA), as authorized by court order or applicable law. CAPE is designed to consolidate refunds of IEEPA duties including interest rather than processing refunds on an entry-by-entry basis. CBP plans to implement CAPE through a phased development approach, adding more functionality in subsequent phases for more complicated scenarios.
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The CAPE process is being deployed in phases, and CBP will launch the first phase of CAPE on April 20, 2026. Phase 1 is limited to certain unliquidated entries and certain entries within 80 days of liquidation.
FACT SHEET:
IEEPA Duty Refund
ACE Portal
Reference Guide
IEEPA Duty
Refunds & CAPE
CAPE/ACE Portal
Information
April 8, 2026
Requesting refunds of IEEPA duties requires only the following summarized actions:
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Importers of Record and authorized Customs brokers have an established ACE Secure Data Portal account (ACE Portal account)
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Recipients use the ACE Portal account to provide CBP with bank account information
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Importers of Record and authorized Customs brokers submit CAPE Declarations in the ACE Portal (See below for details)
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The U.S. Supreme Court ruled on February 20, 2026, that the executive branch exceeded its authority by using the International Emergency Economic Powers Act (IEEPA) to impose sweeping, broad-based tariffs.
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While this decision will remove IEEPA tariffs being charged on U.S. imports, tariffs will continue to be paid, and the announcement of Section 122 tariffs means most effective tariff rates will stay similar. Overall, tariff uncertainty isn’t over, and many will continue paying the same amount in tariffs....
Key takeaways
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SCOTUS has ruled that President Trump lacks the legal authority to impose tariffs under the International Emergency Economic Powers Act (IEEPA).
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Tariff refunds have not been decided on. They could still happen, but that decision will be made by lower courts in the future.
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Current tariffs imposed under Section 232 and Section 301 remain in effect. These will not be impacted by SCOTUS’ ruling.
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Future tariffs may be imposed under other sections. President Trump has already announced that the likely next step is Section 122, imposing a sweeping 10% tariff.