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WEEKEND INSIGHTS: FDII Rules, States and CARES, Apple’s EU Win

This weekend roundup of Bloomberg Tax Insights looks at the final regulations for the foreign-derived intangible income deduction, the CARES Act and state IRC conformity provisions, a taxpayer win in the FBAR penalty column, tax competitiveness in the Americas, and more.

TAX VIRUS BRIEFING: Aid Talks Stumble Well Beyond Brinkmanship

Policy leaders’ hours of talk this week failed again to produce a new bill as the pandemic continues to ravage the economy with shutdowns and infections still in high numbers across the country. President Trump said he would act on his own on aid extensions and payroll tax deferral if Congress fails to pass a package. Around the world, questions arise about virus tax relief and the need for more revenue.

Trump’s Attacks on China Reach New Peak of ‘Pent-Up’ Grievances

Donald Trump’srapid-fire escalation of attacks on China -- from bans of WeChat and TikTok to sanctions on Hong Kong’s top official -- underscores that he’s dropped past restraint and decided to make confronting Beijing his priority less than 90 days before the U.S. election.

Suspected $1b Funneled Out of Wirecard Before June: FT (1)

German prosecutors suspect about $1 billion was funneled out of Wirecard to partner companies in the form of unsecured loans in the months leading up to June, the Financial Times reports, citing people familiar with the probe and a document.

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