YOU probably haven’t heard of the BEPS project — but you soon will. Short for Base Erosion and Profit Shifting, the BEPS Project is the focus of a rapidly moving effort by the Group of 20 countries to create a new set of international tax principles designed to better capture tax revenue from multinational companies like Apple, Google and Starbucks. The Obama administration signed on to the BEPS Project in the expectation that it would strengthen the American tax base and enable Washington to hold on to more corporate tax revenues. But as the project heads for its end-of-year...
