Section 965 of the Internal Revenue Code, enacted as part of the comprehensive tax reform bill commonly known as the Tax Cuts and Jobs Act of 2017 (the “Act”), ensures that the previously untaxed offshore earnings of U.S. corporations are not lost to the U.S. tax system because of the change from a global to a territorial system. Following the passage of the Act in December 2017, the IRS and the Treasury Department issued several Notices announcing regulations intended to be issued under Section 965. On August 1, 2018, the Internal Revenue Service and the Treasury Department issued Proposed Regulations on Section 965. This memorandum provides an overview of the Proposed Regulations, focusing on the clarifications and changes from the interim notices.