Next Previously Taxed Income Rules to Follow Finalized First Set

Taxpayers looking for a second tranche of proposed rules on pre-taxed corporate income will likely have to wait until after the first set of proposed rules is finalized, a Treasury Department official said.

The IRS issued proposed rules for previously taxed earnings and profits, or PTEP, in November, tackling the first round of issues and signaling that another tranche of proposed rules is on the way.

PTEP is foreign income that a taxpayer brings back to the US after US taxes have already been levied on it, so rules for handling it are needed to keep the income from being ...