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An Accidental Disclosure Exposes a $1 Billion Tax Fight With Bristol Myers The I.R.S. believes the American drugmaker used an abusive offshore scheme to avoid federal taxes. Dr. Giovanni Caforio, the chief of Bristol Myers Squibb, last year during a House committee hearing on drug prices.Credit.Pool photo by Greg Nash April 1, 2021, 5:00 a.m. ET Almost nine years ago, Bristol Myers Squibb filed paperwork in Ireland to create a new offshore subsidiary. By moving Bristol Myers’s profits through the subsidiary, the American drugmaker could substantially reduce its U.S. tax bill. Years later, the Internal Revenue Service got wind of the arrangement, which it condemned as an “abusive” tax shelter. The move by Bristol Myers, the I.R.S. concluded, would cheat the United States out of about $1.4 billion in taxes.

New yorkUnited statesWhite houseDistrict of columbiaCara griffithBristol myersRevenue serviceBristol myers squibbWhite caseInternal revenue serviceMyers squibbTax notesTax analystsTax shelterCorporate taxFederal taxes