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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.

According to a recent study, almost a third of young adult Long Islanders who responded said they were planning on leaving Long Island. Long Island lost 15% of 20-34 year olds during the last census while nationwide it grew by 5%. Read more about the Long Island study.

A common theme of the event was the Long Island Brain Drain. How do we keep young professionals on Long Island? Discussion topics focused on employment opportunities, infrastructure and housing on Long Island including a discussion of Copper Beech Village and Village of Patchogue.

Suffolk OTB Casino Update. Despite local opposition from residents and town officials, Suffolk OTB is still making headlines across Long Island New York, moving forward with its casino proposal without the approval of local Suffolk County officials.

Suffolk OTB has plans to offer 1,000 video lottery terminals in Medford. They have recently acquired the former Brookhaven Multiplex movie theater. Suffolk lawmakers have asked the NYS gaming commission to disallow the casino proposal.

A conversation with David Mupko of Pamos Beverage Company regarding the plans and outlook for their cannabis-based spirits.

Business seeking investors, customers and staff will need to pay close attention to their corporate social responsibility (“CSR”) and environmental, social and governance (“ESG”) practices going forward.

NY Office of Cannabis Management Chair Tremaine Wright recently provided an overview of the key provisions of the OCM’s near-term goals.

After several attempts, New York State has become the 15th state to legalize adult-use recreational cannabis. Learn more about what’s included in the new law, taxation, and oversight.

An expected-to-be-signed bill on Governor Lamont’s desk would make Connecticut the latest state to legalize recreational cannabis.

A bill tentatively titled the “States Reform Act” has been leaked and, simply put, would remove marijuana from Schedule 1 of the Controlled Substance Act, and impose a 3.75% excise tax on the sale of cannabis products.