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Understanding Iranian OFAC license-II

Posted by: Zaher Fallahi

Understanding Iranian OFAC license-II   What is an OFAC license? A license is an OFAC authorization to engage in an otherwise prohibited transaction under the law. There are two types of licenses: (I) general license and (II) specific license.   I- OFAC General License An OFAC general license authorizes particular types of transactions for a class of […]

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Understanding the Iranian OFAC Regulations-I

Posted by: Zaher Fallahi

Legal and tax implication of bringing money from Iran   What do the Iranian OFAC Regulations Prohibit The Iranian Transactions & Sanctions Regulations, Title 31 C.F.R. Part 560 (the “ITSR”), of Office of Foreign Office Assets Control (OFAC) Regulations, generally prohibit the exportation, re-exportation, sale, or supply of any goods, technology, or services directly or indirectly, from […]

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Taxpayers who may lose their passports

Posted by: Zaher Fallahi
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Revocation or Denial of Passport in Case of Certain Unpaid Taxes   According to the Internal Revenue Service (IRS):   If you are seriously delinquent in your tax debt, IRC § 7345 authorizes the IRS to certify that to the State Department, which in turn usually will not issue or renew your passport after receiving […]

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IRS; Dirty Dozen Tax Scams to Avoid

Posted by: Zaher Fallahi
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IRS Annual “Dirty Dozen” List of Tax Scams to Avoid Includes Falsely Padding Deductions WASHINGTON — Avoid the temptation to falsely inflate deductions or business expenses on tax returns, the IRS warned in its 2017 “Dirty Dozen” list of tax scams. Generally, doing so may result in paying less tax than is owed or receiving […]

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IRS; Five Things to Know About the Child Tax Credit

Posted by: Zaher Fallahi

The Child Tax Credit is a tax credit that may save taxpayers up to $1,000 for each eligible qualifying child. Taxpayers should make sure they qualify before they claim it. Here are five facts from the IRS on the Child Tax Credit:   Qualifications. For the Child Tax Credit, a qualifying child must pass several […]

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Taxation of Americans Living Abroad, 2017 Filing Season

Posted by: Zaher Fallahi

Taxation of Americans Living Abroad 2017 Filing Season If you are a US citizen or a US Green Card Holder, a US person the Internal Revenue Code 7701(b), and live overseas, you are taxed on your worldwide income regardless of where you earned it. Furthermore, you are subject to all the US international tax laws, including Report […]

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Taxation of Persian-Americans living in Iran

Posted by: Zaher Fallahi

Taxation of Persian-Americans living in Iran   If you are a U.S. green card holder or citizen of the United States (a US person the Internal Revenue Code 7701(b)) and live in Iran, you are taxed on your worldwide income regardless where you earned it. Additionally, you are subject to all the US international tax […]

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Taxation of Persian-Americans living in Iran

Posted by: Zaher Fallahi

If you are a U.S. green card holder or citizen of the United States (a US person the Internal Revenue Code 7701(b)) and live in Iran, you are taxed on your worldwide income regardless where you earned it. Additionally, you are subject to all the US international tax laws, including Report of Foreign Bank & […]

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Zaher Fallahi, CPA, Tax Attorney, IRS; How the Health Care Law Affects You

Posted by: Zaher Fallahi

Zaher Fallahi, CPA, Tax Attorney, IRS; If/Then Chart Explains How the Health Care Law Affects You. As you prepare to file your 2016 tax return, review this chart to see how the health care law affects you. IF YOU… THEN YOU…   Are a U.S. citizen or a non-U.S. citizen living in the United States […]

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2016 FBAR deadline is April 18, 2017

Posted by: Zaher Fallahi
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Background FBAR information Under the Bank Secrecy Act (BSA), a U.S. person that has a financial interest in or signature authority or other authority over foreign financial accounts must file an FBAR if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year. Until last year, the deadline […]

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