Tax

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.

The Internal Revenue Service said it is working on developing withholding guidance to implement the tax reform bill signed into law on December 22.

The Internal Revenue Service has issued a revenue ruling clarifying the tax treatment of a package of films on a TV channel in terms of the domestic production activities deduction.

The Treasury Inspector General for Tax Administration cautioned taxpayers to stay on “high alert” next tax season so they don’t fall prey to criminals who pretend to be employees of the Internal Revenue Service and the Treasury Department.

President Trump boasted about his tax knowledge during an impromptu interview with The New York Times in which he claimed to know taxes “better than the greatest CPA.”

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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.

The estate of Michael Jackson looks to have escaped a possibly hefty penalty for allegedly undervaluing the late singer’s assets.