Effective August 24, 2026, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) indefinitely suspended 31 C.F.R. § 560.550, the general license that previously authorized certain noncommercial personal remittances to or from Iran. What Does This Mean? As a result of this change, persons contemplating transactions that previously relied upon § 560.550 […]

By Zaher Fallahi, Attorney at Law, CPA Licensed in California and Washington, D.C.Los Angeles and Orange County Offices The United States is entering an important new phase in regulating cryptocurrency and other digital assets. For much of the industry’s history, businesses, investors, developers, exchanges, and their professional advisers have operated under statutes and regulations largely […]

By Zaher Fallahi, Tax Attorney, CPA The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, has finalized a significant narrowing of the beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA). Effective August 14, 2026, U.S. companies and U.S. persons are no longer required to report […]

Dear Colleagues, I am pleased to announce that I will be speaking at the upcoming BARBRI/Strafford webinar on Appealing IRS Penalty Abatement Denials: Foreign Disclosure Penalties and Navigating the Appeals Process, on September 24, 2026, at 10:00 A.M. Pacific / 1:00 P.M. Eastern. Format: Live Webinar with Live Q&A (90 Minutes) This CLE/CPE course will provide tax attorneys, CPAs, and […]

By Zaher Fallahi, Attorney at Law, CPA Many taxpayers understandably believe that if they receive an answer directly from the Internal Revenue Service (IRS), that answer must be correct. Unfortunately, recent findings by the Treasury Inspector General for Tax Administration (TIGTA) suggest that assumption may not always be justified. An audit found that IRS Taxpayer […]

RS Offers Automatic Penalty Relief for Eligible Taxpayers: What the New Rules Mean By Zaher Fallahi, Tax Attorney, CPA The Internal Revenue Service (IRS) recently announced a significant administrative change that will simplify penalty relief for many taxpayers with a history of timely tax compliance. Beginning with eligible 2025 tax returns and certain 2026 quarterly […]

By Zaher Fallahi, Attorney at Law, CPALos Angeles & Orange County, California For more than a decade, cryptocurrency participants, investors, tax professionals, and attorneys have struggled with a fundamental question: When is a digital asset a security, and when is it something else? In March 2026, the Securities and Exchange Commission (SEC) and the Commodity […]

By Zaher Fallahi, Attorney at Law & Certified Public Accountant (CPA) Important Notice The discussion below concerns a recent federal court decision and related commentary regarding the potential application of Internal Revenue Code Section 7508A during the COVID-19 federal disaster period. The legal issues remain subject to further judicial review and possible appellate proceedings. Taxpayers […]

Source: Internal Revenue Service (IRS), substantially modified by Zaher Fallahi By Zaher Fallahi, Tax Attorney, CPA Many taxpayers facing IRS collection activity feel overwhelmed by accumulating penalties, interest, wage garnishments, bank levies, or years of unresolved tax liabilities. In certain circumstances, however, the Internal Revenue Service (“IRS”) offers a possible resolution option known as an […]

Por Zaher Fallahi, Abogado y CPA Source: Internal Revenue Service (IRS), substantially modified by Zaher Fallahi Muchos contribuyentes que enfrentan problemas con el IRS sienten una gran presión debido a intereses acumulados, multas, embargos bancarios, retención de salarios o deudas tributarias pendientes por varios años. En ciertas circunstancias, el Servicio de Impuestos Internos (“IRS”) ofrece […]