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 […]

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 […]

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 […]