Money Back in Your Pocket: Tax and Tariff Refund Opportunities Business Owners Should Know About

Article | April 22, 2026

Authored by Your Firm LLC

What if your business has been overpaying the government for years and no one told you? For many business owners and CFOs, that is not a hypothetical. From fuel excise taxes on off-road equipment to potentially billions in contested tariff charges, real refund opportunities exist right now that most companies are not capturing. The challenge is knowing where to look and how to act before the window closes.

Fuel Excise Tax Refunds: A Missed Opportunity for Many Industries

Every time you purchase gasoline or diesel at the pump, you are paying a federal fuel excise tax designed to fund the maintenance of public highways. But if that fuel powers a tractor, bulldozer, irrigation pump, generator, or fishing vessel that never sets wheel on a public road, you likely qualify for a refund through IRS Form 8849.

Businesses in farming, construction, landscaping, commercial fishing, and certain aviation operations are among those that qualify, yet most never file a claim simply because they are unaware one exists. Consider a 1,200-acre grain farm that recently implemented modern accounting practices and discovered it had never claimed fuel tax refunds despite operating six tractors, three combines, and multiple irrigation pumps. After filing retroactively and implementing a quarterly refund schedule, the operation recovered more than $32,000 over three years. That is money already spent at the pump that came back to fund equipment upgrades and operational improvements.

"This is one of the most consistently overlooked tax refunds we see, especially in construction and agriculture," said Jamie Miller, CPA and Partner at Your Firm. "Businesses are paying a highway use tax on fuel that never gets anywhere near a highway. Once we identify the qualifying activity and set up a proper tracking system, the recovery process is straightforward."

To claim the refund, you will need to document fuel purchases by date, vendor, fuel type, and quantity, then submit the appropriate purchase schedule with your Form 8849 claim. The IRS will not send this money to you automatically. You have to go get it.

IEEPA Tariff Refunds: A Developing Situation Worth Watching Closely

A separate but equally significant refund opportunity involves the broad tariffs imposed in 2025 under the International Emergency Economic Powers Act (IEEPA). These tariffs, which applied to imports from China, Mexico, Canada, and others, generated an estimated $75 to $85 billion in duties in a matter of months. The legal foundation for those tariffs is now under review by the U.S. Supreme Court.

If the Court rules that these tariffs exceeded presidential authority, the government may be required to issue refunds on a massive scale. Businesses that paid these duties should be thinking now about how to preserve their rights. One proactive strategy is filing a protective refund claim, which locks in your position before the statute of limitations runs out, typically one year for protests. Filing is generally straightforward and inexpensive outside of legal and administrative fees, and the Supreme Court has previously recognized protective refund claims even when the refund depends on future court decisions.

"The tariff situation is still developing, but waiting to act is a risk businesses cannot afford," said Jamie Miller. "The companies that will benefit most from a favorable ruling are the ones that have their documentation in order today, not six months from now when deadlines may already have passed."

It is also worth noting that tariff refunds create their own tax consequences. A refund reduces your cost of goods sold, which increases taxable income. Businesses with intercompany transactions will also need to evaluate transfer pricing implications. Thorough documentation is essential not only to claim the refund but to withstand a potential audit on the back end.

What You Should Do Now

Whether you are recovering fuel excise taxes on off-road equipment or positioning your company to benefit from a potential IEEPA tariff ruling, the common thread is the same: proactive planning and clean records are the difference between capturing these refunds and leaving money on the table.

How Your Firm Can Help

At Your Firm, our Tax Planning and Compliance team works with business owners and CFOs to identify refund opportunities that are easy to overlook and build the documentation frameworks needed to support them. Whether you are in construction, agriculture, manufacturing, or distribution, we can help you assess your exposure and develop a strategy to recover what is rightfully yours.

Here is what we can do for you:

• Identify whether your fuel usage qualifies for a federal excise tax refund under Form 8849
• Help you set up a fuel tracking and quarterly filing system so refunds do not fall through the cracks
• Evaluate whether a protective tariff refund claim makes sense given your import activity
• Address the tax consequences of any refunds received, including cost of goods sold adjustments and transfer pricing considerations
• Keep you informed as the Supreme Court case develops and advise you on next steps when a ruling is issued

Jamie Miller, CPA and Partner, leads our tax advisory services for construction, real estate, and business clients, with 15 years of experience helping business owners navigate complex tax planning decisions. If you are unsure where to start, Jamie and our team are ready to help.

Contact our office today to speak with Jamie or a member of our tax team and find out what refunds your business may be entitled to claim.