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John Warner, shareholder in the Tax section, comments on the foreign-derived intangible income (FDII) provision in the 2017 tax law in Bloomberg Tax's article "Companies Hazy on Reporting Tax in Earnings; IRS Rules Up in Air."

"Probably the biggest regulatory need is for guidance on the FDII rules," said John Warner, a shareholder at Buchanan Ingersoll & Rooney PC.

That's because the statute imposes specific requirements on corporations trying to take advantage of the deduction, but doesn't clearly explain them, he said. For example, companies are waiting for Treasury to explain precisely what "sold for foreign use" means, and how to establish whether the buyer is a foreign person, Warner said.