IRS provided Frequently Asked Questions (FAQ) on Section 199A Deduction for Qualified Business Income (QBI)   Basic questions and answers on new 20% deduction for pass-through businesses, estates and trusts. Below are answers to certain basic questions about the new 20% deduction for pass-through businesses, estates and trusts. Also known as the new §199A deduction for […]

Iranian OFAC New Developments June 27, 2018.  Iranian OFAC, US Revokes JCPOA (BARJAM) related General Licenses H and I. For details see  US Revokes Iranian OFAC General Licenses H and I May 8, 2018.  Iranian OFAC, United States withdraws from the Joint Comprehensive Plan of Action (JCPOA) also known as the “Iran Nuclear Deal”. For details see  US Withdraws from JCPOA (BARJAM) […]

Revocation of JCPOA-Related General Licenses; Amendment of the Iranian Transactions and Sanctions Regulations; Publication of Updated FAQs  June 27, 2018 The Department of the Treasury’s Office of Foreign Assets Control (OFAC) has revoked Iran-related General Licenses H and I, which were issued in connection with the Joint Comprehensive Plan of Action (JCPOA). OFAC also amended the […]

May 8, 2018, re-imposition of the US sanctions against Iran On May 8, 2018, the President announced his decision to cease the United States’ participation in the Joint Comprehensive Plan of Action (JCPOA), or (BARJAM) in Farsi, and to begin re-imposing the U.S. nuclear-related sanctions that were lifted to effectuate the JCPOA sanctions relief, following […]

IRS issued Guidance on revocation or denial of passports to taxpayers with serious delinquent tax debt. In a new Notice, IRS has provided guidance for implementing the new law, which requires the IRS to notify the State Department of taxpayers certified to have “seriously delinquent tax debt (SDTD).” Upon receipt of such notification, the State Department […]

Zaher Fallahi, OFAC Attorney and Tax Attorney, CPA, will be on 670 AM, a Los Angeles Radio Station, on Tuesday, August 29, 2017, at 2:00 PM to discuss the legal and tax implication of transferring money from Iran under the Iranian OFAC Regulations, including Offshore Accounts (FBAR, FATCA and OVDP), and answer the callers’ OFAC, […]

IRS; Protect Taxpayers from Identity Theft Identity theft happens when someone steals someone else’s personal information for financial gain. Tax-related identity theft happens when someone uses another person’s stolen Social Security number (SSN) or Employer Identification Number (EIN) to file a tax return to obtain a fraudulent refund.   Many people first find out they […]

How Does the IRS Contact Taxpayers? When the IRS needs to contact a taxpayer, the first contact is normally by letter delivered by the U.S. Postal Service. The IRS doesn’t normally initiate contact with taxpayers by email, text messages or social media channels. Depending on the situation, IRS employees may first call or visit with […]

IRS, IR-2017-117, July 6, 2017 Security Summit Launches Education Campaign Aimed at Tax Pros; Warns Against Phishing Epidemic with “Don’t Take the Bait” series WASHINGTON — The IRS today warned tax professionals to increase their computer security and to beware of their inbox – specifically the successful email scams dubbed spear phishing that identify themselves […]

WASHINGTON The IRS reminds seniors to remain alert to aggressive and threatening phone calls by criminals impersonating IRS agents. The callers claim to be IRS employees, but are not.   These con artists can sound convincing when they call. They use fake names and bogus IRS identification badge numbers. They may know a lot about […]