As the International Emergency Economic Powers Act (IEEPA) tariff refunds accelerate, the greatest risk for CFOs today isn’t whether refunds will happen — it’s whether eligible refunds are being overlooked.
With more than $100 billion of the anticipated $166 billion in IEEPA tariff refunds already paid, many companies that previously thought refunds were unlikely or not worth pursuing are reconsidering that position. The question has shifted from “Will refunds happen?” to “Does our company have a clear, complete, and validated path to recovery?”
Background: The rapidly revolving IEEPA refund landscape
In February 2026, the U.S. Supreme Court invalidated tariffs imposed under IEEPA. While the ruling resolved the legal question, it didn’t establish how refunds should be processed. In response, U.S. Customs and Border Protection (CBP) created the Consolidated Administration and Processing of Entries (CAPE) system to administer refunds.
CAPE Phase 1 (April 20, 2026) covered certain unliquidated entries as well as entries within 80 days of liquidation. It excluded entries liquidated more than 80 days before the CAPE Phase 1 submission (i.e., finally liquidated entries), entries with open protests, entries subject to antidumping and countervailing duties, entries flagged for reconciliation, and certain other entries. Phase 2 (June 29, 2026) expanded eligibility to include entries flagged for reconciliation where the reconciliation entry wasn’t yet on file. Even with these phases deployed, billions of dollars remain unrefunded because other entry types still hadn’t qualified under CAPE.
A forthcoming Phase 3 is expected to address finally liquidated entries. Qualifying for Phase 3 will require an open case at the U.S. Court of International Trade (CIT), an importer‑specific court order, and submission of the necessary prerequisite information to CBP.
Refunds on finally liquidated entries are subject to an ongoing court appeal that could take years to resolve. Without taking the steps to qualify for Phase 3, including filing a lawsuit, importers risk losing or tying up refunds on finally liquidated entries indefinitely.
For importers, the takeaway is clear: the refund process is active, complex, and still evolving. Understanding where your company falls within this landscape is essential to ensuring you’re not overlooking eligible refunds.
Where you may fall in the refund process
Most companies today fall into one of three IEEPA refund categories. Understanding which one applies to you helps determine your next steps.
1. You haven’t started the CAPE filing process for IEEPA tariff refunds
In some cases, the issue is simply awareness — you may know refunds exist but aren’t sure where to start. If you aren’t sure whether your entries were submitted through CAPE, now’s the time to clarify your position, which we can assist with.
In other cases, access to the refund mechanism is the barrier. Refunds are filed through the Automated Commercial Environment (ACE) portal. Your company may not have ACE access, or it may, but you don’t know who the account owner is, or how to access the account. If you’re in this situation, we can help establish an ACE account, ensure access, review and analyze IEEPA tariff refund eligibility, and submit CAPE.
2. You’ve filed CAPE, but you’re unsure whether you’ve claimed and received everything you’re entitled to
Some companies have filed CAPE declarations and received refunds — but don’t know whether the payment represents the full amount. You may have refund money deposited into your bank account but lack visibility into:
- Which entries were included.
- Which were excluded or rejected.
- Whether additional steps are required.
Partial refund claims are common. For example, you may have claimed 80% of your total IEEPA tariff paid but not the other 20% because some entries were excluded or rejected from the CAPE filing. Without a clear reconciliation of your entries, it’s difficult to know whether you’ve captured the full amount.
If you’ve filed but haven’t validated the completeness of your refund, a review can help ensure you’re not leaving money unclaimed.
3. You have finally liquidated entries or other rejected entries ineligible for refund without further legal action
As time passes, more entries are becoming finally liquidated, requiring additional legal steps to recover. CAPE Phase 3 is expected to address these entries, but eligibility will be limited to importers with an active CIT case and an importer‑specific court order.
If you have finally liquidated entries and haven’t evaluated your options, now’s the time to prepare a strategy. Company leaders should understand that finally liquidated entries represent a distinct category with unique legal requirements and longer timelines, if not acted upon.
Questions to ask now
Once you’ve identified your position, the next step is asking the right questions to clarify your refund status and highlight areas where further action may be needed.
- Are we claiming refunds for all eligible IEEPA tariffs? If you haven’t started filing, or have not analyzed all of your entries, you may have overlooked eligible entries.
- Have we filed a CAPE declaration but aren’t sure whether we’ve claimed everything? Some entries may have been excluded, rejected, or simply not submitted.
- Which entries are currently not eligible — and why? Understanding the reason for ineligibility helps determine whether future CAPE phases or legal steps may apply.
- What do the CAPE phases mean for our entries and refunds? Each phase affects different entry types and timelines.
- What can we do to maximize and accelerate recovery, including for finally liquidated entries? This may involve operational review, legal strategy, or both.
- When will we receive our full refund, including interest? Interest accrues on certain refunds, and timing varies by entry type.
These questions will help your team build a clear, complete picture of your refund position and next steps.
Why multidisciplinary clarity matters
IEEPA refunds sit at the intersection of legal, operational, and transactional considerations. Determining your refund position may involve:
- Ensuring ACE access.
- Reviewing and validating existing CAPE submissions.
- Filing new CAPE submissions.
- Reconciling entry data.
- Understanding different ineligible entry categories
- Evaluating finally liquidated entries.
- Preparing for future CAPE phases.
Every company’s situation is different. A multidisciplinary review by trade consultants and legal experts helps ensure you’re not overlooking eligible refunds or missing opportunities created by the evolving process.
Assess now to avoid leaving money on the table
If you haven’t started filing because you assumed refunds were unlikely, the current pace of payments suggests it’s worth revisiting that decision.
The IEEPA tariff refund process is well underway, and billions have already been paid. Whether you haven’t started filing, have filed but lack clarity, or have finally liquidated entries or other excluded or rejected entries requiring further action, now’s the time to assess your position.
A clear understanding of your entries, refund status, and next steps helps ensure you’re capturing the full amount you’re entitled to — and not leaving money on the table.
IEEPA FAQs
How do I know if my company is eligible for IEEPA refunds?
Eligibility depends on the specific tariffs applied to your entries and whether those entries fall within the CAPE phases. Ensuring ACE access and analyzing entry data is the first step in determining your position.
How can we tell whether we’ve received our full refund?
Comparing CAPE submissions against ACE entry data, reimbursement records, and liquidated entry status helps clarify what has been received and what may still be outstanding — including interest where applicable.
What happens if some of our entries are finally liquidated and not currently eligible for CAPE?
Liquidated entries may require additional legal steps or future CAPE phases to recover. Understanding why an entry is finally liquidated and whether it remains eligible is essential for determining next steps.
What do the CAPE phases mean for our refund timeline?
Each CAPE phase covers different entry types and determines when refunds are processed. Knowing which phase applies to your entries helps clarify timing and whether further action is needed.
What should we do now to avoid leaving money on the table?
Assess your entries, confirm your CAPE status, and review finally liquidated or otherwise excluded or rejected entries. A multidisciplinary review helps ensure you’re capturing all eligible refunds.
This article is in collaboration with Rock Trade Law.
