International taxes

President Donald Trump said Friday that U.S. economic growth promoted by his policies would help the world, seeking to square his “America First” agenda with globalism.

The eye-popping $38 billion tax bill that Apple Inc. said it plans to pay on its mammoth pile of accumulated foreign earnings will probably hit federal coffers in an eight-year trickle, not a one-time torrent.

Four more Staff Q&A documents deal with various financial accounting and reporting implementation issues.

The International Monetary Fund warned policymakers to be on guard for the next recession even as it predicted global growth will accelerate to the fastest pace in seven years as U.S. tax cuts spur businesses to invest.

The Treasury Department and the Internal Revenue Service have released a new notice giving multinational companies some extra guidance to help them calculate the “transition tax” on untaxed foreign earnings of foreign subsidiaries of U.S. companies under the Tax Cuts and Jobs Act.

The Tax Cuts and Jobs Act has been marketed as a much-needed simplification for American taxes, and American expatriates comprise a tax-paying demographic most in need of simplification of the tax requirements.

The Financial Accounting Standards Board released a proposed accounting standards update Thursday to help organizations reclassify some of the stranded income tax effects in accumulated other comprehensive income resulting from the Tax Cuts and Jobs Act that President Trump signed into law last month.

European Union regulators reacted coolly to Apple Inc.’s move to repatriate hundreds of billions of overseas dollars to the U.S., saying “nothing has changed” in its order for the iPhone maker to pay back taxes to Ireland.

Farewell, Ireland: it looks like corporate America will finally bring that cash home.

Companies that stockpiled trillions of dollars offshore free of U.S. income tax may get one last break before paying up—provided their fiscal years don’t follow the calendar year.

Alphabet Inc.’s Google moved 15.9 billion euros ($19.2 billion) to a Bermuda shell company in 2016, saving at least $3.7 billion in taxes that year, regulatory filings in the Netherlands show.

The name that Republican tax writers gave to a new, multibillion-dollar business levy implies that it targets foreign earnings from “intangible” intellectual property—hitting tech firms and drugmakers like Apple Inc. and Pfizer Inc.

The Internal Revenue Service and Treasury Department will generally allow existing loans and other related-party transactions involving the overseas affiliates of multinational corporations to be taxed at the lower of two preferential rates, according to an official notice.

Goldman Sachs Group Inc. said the U.S. tax reform will cut profit this year by about $5 billion, mainly because of a tax targeting earnings held abroad.

A provision in the new tax law, intended to prevent American companies from shifting profits abroad to benefit from a lower overseas rate, might also hit the largest foreign banks with significant U.S. operations.

Fund manager David Gorton sued a U.S. law firm for fraud after its lawyers convinced him to buy into a carbon-credit investment that they had an undeclared financial interest in, according to a London lawsuit.

The top tax rate that U.S. companies would pay on an estimated $3.1 trillion in earnings they’ve stockpiled overseas crept up to 15.5 percent in the final version of the GOP tax bill released Friday.

Ikea is the latest company ensnared in the European Union’s sprawling tax probes as regulators look at whether the retailer’s revenue deals in the Netherlands allowed it to avoid hundreds of millions of euros of taxes.

Amazon.com Inc. will pay 100 million euros ($118 million) to the Italian tax authorities for the period of 2011-2015 in a settlement that closes the fiscal probe by the country’s tax police, Italy’s Revenue Agency said in an emailed statement Friday.

Facebook Inc. is changing its tax structure so that it will pay taxes in the country where sales are made, rather than funneling everything through its Irish subsidiary.