The U.S. Treasury Department and the Internal Revenue Service (IRS) have issued a series of new regulations affecting corporate taxation and compliance. Notably, the IRS has proposed regulations regarding the treatment of previously taxed earnings and profits (PTEP). Additionally, final regulations have been released concerning the Advanced Manufacturing Production Credit under Section 45X of the Internal Revenue Code. The Treasury and IRS have also expanded the ability of applicable entities to elect direct pay in relation to credit property owned indirectly through unincorporated organizations. Furthermore, the Federal Reserve Board has penalized two banks for compliance deficiencies, reflecting ongoing regulatory scrutiny in the financial sector. Lastly, the U.S. Treasury has broadened the scope of the Committee on Foreign Investment in the United States (CFIUS) investigative authority and updated civil monetary penalties.