Understanding Tariffs: Implications for Tax Practitioners

On this episode, Steve Wrappe, a National Technical Leader of transfer pricing at Grant Thorton and Reema Patel, a Senior Manager on the AICPA’s Tax Policy & Advocacy team, discuss the intersection of tariffs and tax. The conversation covers the basics of tariffs, their implications for US-based businesses and how tariffs interact with transfer pricing and inventory valuation. The guests also share practical advice for mitigating costs associated with tariffs and discuss the importance of careful planning and strategic decision-making in the current landscape.

What you’ll learn from this episode: 

• Basics of tariffs, including how they apply and are collected
• The interaction between tariffs and transfer pricing
• The impact of tariffs on inventory valuation methods
• Practical advice for mitigating costs related to tariffs 

AICPA resources

International Taxation Resource Hub — Stay current on international taxation with the latest advocacy efforts, guidance and tools available in this AICPA & CIMA reference library.

Five actions finance teams can take on tariffs, AICPA & CIMA, April 11, 2025

Breaking down the reasons for a decline in economic sentiment, Journal of Accountancy podcast, March 11, 2025  

Keep your finger on the pulse of the dynamic and evolving tax landscape with insights from tax thought leaders in the AICPA Tax Section. The Tax Section Odyssey podcast includes a digest of tax developments, trending issues and practice management tips that you need to be aware of to elevate your professional development and your firm practices.

This resource is part of the robust tax resource library available from the AICPA Tax Section. The