VSH CPAs

A recent federal court case, Kwong v. United States, could create refund opportunities for taxpayers related to certain IRS penalties and interest from the COVID relief period.

The key takeaway: some taxpayers may need to act before July 10, 2026, to preserve potential claims. The IRS will not issue refunds automatically.

VSH is actively monitoring the developments and helping clients evaluate whether protective refund or abatement claims may be appropriate.

Cross-border real estate operators, developers, and advisors:

Tomorrow is the day for our webinar, Optimizing Value in Cross-Border U.S. Real Estate!

Be sure to register before the event so you don’t miss it: https://event.vshcpa.com/optimizing-value-in-cross-border-u.s.-real-estate

An inefficient structure can limit distributions across jurisdictions, lock in tax exposure, and reduce control when flexibility matters most. This webinar will help you avoid these pitfalls.

See you tomorrow at 11:00 AM PT for a practical discussion on structuring considerations for cross-border U.S. real estate investments and portfolios.

As of April 20th, the U.S. government opened an online portal allowing businesses to apply for refunds on tariffs ruled unconstitutional.

The potential for refund applies to tariffs paid between April 5, 2025 and February 24, 2026. Only importers of record or licensed customs brokers can file.

Consumers and businesses that paid higher prices due to tariffs are not eligible for refunds.

Some large companies have suggested they may pass refunds onto to customers. Because the system and process just opened there is a lot of uncertainty, and it may take a few months for importers to see refunds.

If you are a business or individual and paid higher prices because suppliers passed tariffs down, you may consider discussing a refund or credit from your supplier and be looking for future price reductions.