Michael Peregrine was quoted in the October 2005 issue of The Exempt Organization Tax Review in an analysis of the Internal Revenue Service's proposed regulations addressing intermediate sanctions. Mr. Peregrine said the proposed regulations will "raise the stakes" on the substance of an executive officer's intermediate sanctions review process. "I view these regulations as positive from the perspective of providing useful guidance, incentive for closer internal review of potential excess benefit transactions, and enhancing the importance of having the compliance officer focus on tax, as well as other, principal legal issues," Mr. Peregrine said.