Your Business Received a Tariff Refund. Is It Taxable?
A tariff refund may be taxable income, a reduction of cost of goods sold, an inventory adjustment, or a basis adjustment. The answer depends on how the original tariff cost was reported.
A tariff refund may be taxable income, a reduction of cost of goods sold, an inventory adjustment, or a basis adjustment. The answer depends on how the original tariff cost was reported.