Andersen Managing Director Joe Calianno's comments are featured in the recent Tax Notes article, "IRS Offers Temporary Relief From FTC Rules." Under the 2022 foreign tax credit (FTC) regulations (T.D. 9959), IRS tightened FTC eligibility. However, in Notice 2023-55, IRS provides relief from the final regulations allowing taxpayers to use modified old rules. Calianno stated that he was surprised by the guidance as being atypical relief from a final regulation. Joe goes on to say that maybe IRS is acknowledging a mistake in the breadth of the final rules.