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The Centers for Medicare and Medicaid Services issues October 1, 2015 as the compliance date for ICD-10. CMS has posted ICD-10 timelines and is directing providers to begin or continue implementation efforts now. Be prepared to comply with the transition to ICD-10.

The Senate voted to repeal the SGR and avert a reduction in Medicare payments to physicians. The House repealed this legislation. Congress passed the Medicare Access and Children’s Health Insurance Program Reauthorization Act. There are three major components.

In preparing for the coming risk environment, hospitals and physicians will need to shift their focus from quantity to quality and efficiency. It is expected Accountable Care Organizations will be the vehicle by which the objective of less costly and higher quality health care is achieved.

The wording in the Affordable Care Act suggests that subsidies can only be paid to enrollees from state-controlled exchanges. The implication of a negative ruling by the high court could place a number of enrollees in a position where they can no longer afford their health care premiums.

The Merit-Based Incentive Payment system was set up as a compromise by the Health and Human Services Department to replace the Medicare Part B Sustainable Growth Rate. MIPS annually measures Medicare Part B providers in 4 performance categories.

The Senate voted to approve HR 2, the Medicare Access and CHIP Reauthorization Act. The bill passed the House of Representatives in March. This legislation repeals the Medicare Sustainable Growth Rate (SGR) formula. Here are highlights of the bill.

Rallying cries for accountable care, the sharing of responsibility for the control of costs, and the measurement and reporting of improved outcomes have lead up to a large probability of reimbursement being based heavily on quality of care. How well are hospitals performing?

OECD and BEPS action items have become a noticeably referenced and discussed topic as transfer pricing enters the public consciousness and dominate discussions. As such, BEPS has been critically analyzed and evaluated in many forums.

Impact of proposed changes in Irish tax law. The Irish government announced it will require newly chartered entities in Ireland to be tax-resident there. The proposed change in Irish tax law is in response to widespread criticism of perceived aggressive tax planning by multinationals.

As part of the IRS offshore tax-avoidance and compliance efforts, the IRS has increased focus on withholding compliance. Case study on Chapter 3 rules for withholding tax on non-resident individuals and foreign corporations and Chapter 4 rules taxes to enforce reporting of certain foreign accounts.

Here are the most common foreign informational forms taxpayers are required to file: Form 5471, form 8858, and form 8858. These forms are overlooked all too often. Each of the above forms is informational in nature with no separate tax calculation.

The intent of the Chapter 3 is to enforce a tax on certain US source income that is beneficially owned by non-US persons. The intent of the Chapter 4 is to obtain a level of transparency and understand where a US interest is in tiered structures.

Mandatory reporting of cross-border investments and activities. Every U.S. company that had a non-U.S. affiliate during 2014 will be required to take some action with the BE-10 survey. Certain inbound investments by a non-U.S. company may be considered reportable transactions that have to be disclosed.

On June 29, 2016, the IRS released its final regulations that require annual Country-by-Country (“CbC”) reporting. These regulations are scheduled to be published in the Federal Register on June 30, 2016.

In our latest blog, we review the types of payments that are subject to tax withholding. Will you be liable for under-withholding on any payment subject to withholding? Learn more in our international tax blog.

Health care discussion about the Affordable Care Act and its impact on Long Island and across New York State. Also discussed was the unemployment statistics on Long Island and how to keep the younger people on Long Island to balance out and lower or maintain health care costs.

Businesses looking to move or expand into Long Island is increasing. Stew Leonard’s announced plans to build its first store on Long Island. Noodles & Company is planning to open four locations on Long Island and National Synchrotron Light Source II facility is a recent development.

The 2015 Queens Real Estate Conference brought together experts in the fields of residential, commercial, and industrial real estate development. Current trends in the borough’s real estate market were discussed as well as the outlook for the future.

The Annual Real Estate Weekly Women’s Forum was held in New York City. About 500 of New York City’s most powerful and innovative women developers, owners, investors and other principals attended the event to share their insights into the ever-changing world of New York real estate.

Mitt Romney visits Long Island with venture capital as topic. Romney suggested to get venture capital onto Long Island, business leaders should make opportunities a priority at our local colleges and universities to make it more attractive to be here and expand, rather than to pack up and leave.