Wake Up Call: Unintended Targets of the New Tax Law

• Tax lawyers say they are assessing significant unintended impacts of the new tax overhaul law championed by the Trump administration. For example, a measure aimed at forcing tech firms and drugmakers like Apple Inc., Google, and Pfizer Inc. to pay taxes on so-called intangible intellectual property will likely end up snaring global firms that earn little income from patents, royalties, and licensing. ( Bloomberg ) Another provision targeting U.S. firms that move profits abroad might unintentionally hit big foreign banks with significant U.S. operations, such as Barclays and Credit Suisse. ( Bloomberg )

• The founder of a California law firm ...