Andersen Managing Director Joe Calianno's comments regarding recently released proposed regulations on previously taxed earnings and profits (PTEP) are featured in Bloomberg Tax and Tax Notes. In the Bloomberg Tax article, IRS Proposed Rules for Corporations' Previously Taxed Income Joe said that the proposed regulations address many, but not all, of the outstanding issues that practitioners have raised and grappled with over the years. In the Tax Notes article, Proposed PTEP Regs Dive Headlong Into the Complexity, Joe noted that the proposed rules reflect a general concern with basis shifting and are likely to bring significant compliance obligations.