KPMG report: Accounting method implications of Learning Resources
A report that discusses how income tax accounting methods apply to the variety of potential outcomes triggered by the U.S. Supreme Court decision.
The U.S. Supreme Court on February 20, 2026, held in the consolidated cases of Learning Resources v. Trump and V.O.S. Selections v. United States that the tariffs the Trump Administration imposed under International Emergency Economic Powers Act (IEEPA) are illegal.
The court’s majority opinion does not address how refunds will be handled, and as discussed in an earlier KPMG report (read TaxNewsFlash), taxpayers now face a number of possible refund scenarios.
Read a March 2026 report prepared by KPMG LLP that discusses how income tax accounting methods apply to the variety of potential outcomes triggered by the decision.