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OFAC; Legal & Tax Implications of the Iranian Transactions & Sanctions Regulations

Posted by: Zaher Fallahi
Posted On: Feb 22, 2014

The Iranian Transactions & Sanctions Regulations, Title 31 C.F.R. Part 560 (the “ITSR”), generally prohibits the exportation, re-exportation, sale, or supply of any goods, technology, or services directly or indirectly, from the United States or by a U.S. person, wherever located, to Iran or the Government of Iran.  The ITSR also prohibits U.S. persons (citizen, green card holder or US businesses), wherever located, from engaging in any transaction or dealing in or related to goods or services of Iranian origin, or owned or controlled by the Government of Iran; or goods or technology or services for exportation, re-exportation, sale or supply, directly or indirectly, to Iran or the Government of Iran.

The Office of Foreign Assets Control (OFAC) is a division of the US Treasury that administers and enforces economic sanctions programs against countries and groups of individuals.  Employment in Iran or conducting a business there by a US person requires an OFAC license, unless exempted by law.  Despite the laws of sanctions, a US person may still conduct one of the prohibited acts either by obtaining a license from OFAC or based on an exception.

For additional information about the legal and tax implications of OFAC, refer to:

http://zflegal.wpengine.com/services/the-us-treasury-office-of-foreign-assets-control-ofac-cases

For assistance with any OFAC matters, including the legal and tax implications of transferring money from Iran, contact Zaher Fallahi, OFAC and Tax Attorney, CPA, at (310) 719-1040 (Los Angeles) or (714) 546-4272 (Orange County), or e-mail to [email protected]