How To Write Off Defective Imports

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Anne Fisher -- who I have known for years and is one of my favorite senior writers at Fortune and Fortune Small Business magazines -- tackles a tough import question:

My scientific-supply firm imports many of its products from China. Upon checking my last shipment, I saw that about half of the goods had defects. I'm trying to make the vendor replace them or refund my money, but in the meantime, how do I document the goods' disposal to satisfy the IRS?

And we were happy to help with the answer.

NAFTA: A Curse or a Blessing?

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It's the politics, stupid. When it comes to the US economy, trade has replaced the devil as the reason things go bad.

A Fortune magazine poll conducted this January asked Americans what the most important reason for the recent economic slowdown was. The largest number—28 percent—answered "losing jobs to economies where labor is cheaper" and an additional 7 percent mentioned "foreign competition." Fully 78 percent of the respondents said that trade has made things worse for American workers.

Is NAFTA a curse or ... you decide.