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New clean vehicle credit, previously-owned vehicle credit and qualified commercial clean vehicles credit frequently asked questions

Posted by: Zaher Fallahi

Source: IRS Bolded and underlined by Zaher Fallahi, Tax Attorney, PA Background The Inflation Reduction Act of 2022 (IRA) made several changes to the tax credit provided in § 30D of the Internal Revenue Code (Code) for qualified plug-in electric drive motor vehicles, including adding fuel cell vehicles to the § 30D tax credit (new […]

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Businesses can file Form 1099 series information returns for free

Posted by: Zaher Fallahi

IRS: Tax Tip 2023-126 Business taxpayers can file electronically any Form 1099 series information returns for free with the IRS Information Returns Intake System (IRIS). IRIS accepts 1099 series forms for tax year 2022 and after. IRIS is available to any business of any size. It’s secure and accurate and it requires no special software. It also reduces […]

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CI issues red flags, tips to avoid falling victim to pig butchering schemes during International Fraud Awareness Week

Posted by: Zaher Fallahi

Source: CI-IRS November 13, 2023 WASHINGTON — It’s human nature. People want company, and online romances have blossomed as more people use dating applications and social media to build relationships. While the hope is to live happily ever after, IRS Criminal Investigation (CI) special agents are seeing pig butchering schemes pop up across the globe. […]

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Financial Crimes Enforcement Network (FinCEN), Treasury. Final rule on beneficial ownership information

Posted by: Zaher Fallahi

SUMMARY: FinCEN is amending the beneficial ownership information (BOI) reporting rule (the “Reporting Rule”) to extend the filing deadline for certain BOI reports. Under the Reporting Rule prior to this amendment, entities created or registered on or after the rule’s effective date of January 1, 2024, had to file initial BOI reports with FinCEN within […]

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FAQ on Virtual Currency Transactions

Posted by: Zaher Fallahi

Source: IRS The frequently asked questions (“FAQs”) below expand upon the examples provided in Notice 2014-21 ( see above) and apply those same longstanding tax principles to additional situations.  In 2014, the IRS issued Notice 2014-21, 2014-16 I.R.B. 938, explaining that virtual currency is treated as property for Federal income tax purposes and providing examples […]

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Improper Employee Retention Credit claims

Posted by: Zaher Fallahi

Source: IRSThe IRS has seen a high volume of incorrect and improper Employee Retention Credit claims and continues warning taxpayers about them. The ERC, sometimes also called the Employee Retention Tax Credit or ERTC, is a pandemic-related credit for which only certain employers qualify. The credit is not available to individual employees. Scam promoters are luring […]

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Attorney General Merrick B. Garland Delivers Remarks Announcing Binance and CEO Guilty Pleas to Federal Charges in $4B Resolution

Posted by: Zaher Fallahi

Tuesday, November 21, 2023 Share Location Washington, DCUnited States Binance Admits It Engaged in Anti-Money Laundering, Unlicensed Money Transmitting, and Sanctions Violations in Largest Corporate Resolution to Include Criminal Charges for an Executive Remarks as Delivered Good afternoon. I am joined today by Treasury Secretary Janet Yellen, Deputy Attorney General Lisa Monaco, and CFTC Chairman Russ […]

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Eligible IRA owners may transfer up to $100,000 in tax-free gifts to charity

Posted by: Zaher Fallahi

Source: IRS Tax pros: Remember individual retirement arrangement (IRA) owners age 70½ or older can transfer up to $100,000 to charity tax-free each year. These transfers, known as qualified charitable distribution (QCDs), offer eligible older Americans a great way to easily give to charity before the end of the year. And, for those who are at […]

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IRS provides tax inflation adjustments for tax year 2024

Posted by: Zaher Fallahi

IR-2023-208, Nov. 9, 2023 WASHINGTON — The Internal Revenue Service today announced the annual inflation adjustments for more than 60 tax provisions for tax year 2024, including the tax rate schedules and other tax changes. Revenue Procedure 2023-34: New for 2024 Starting in calendar year 2023, the Inflation Reduction Act reinstates the Hazardous Substance Superfund […]

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Streamlined Filing Compliance Procedures for U.S. Taxpayers Residing in the United States Frequently Asked Questions and Answers

Posted by: Zaher Fallahi

Source: IRS Effective for Streamlined Submissions Made On or After July 1, 2014 Q1. Is the 5-percent penalty for Streamlined Domestic Offshore filers intended to reach foreign financial assets in which the taxpayer has no personal financial interest or only a partial interest? No. Read literally, the third paragraph of the description of the scope […]

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It's been an honor to know Zaher Fallahi, Esq for the past 49 years.He is one of kind in almost everything. His clients and friends are always his priority. In my long life, I have had the chance to be helped by many people. But ZaherFalahi is a distinguished personality that his professionalism helped me to succeed in life.And that's why I never hesitate to refer my family and friends for all their legal and financial matters to him.
I have had the pleasure of knowing attorney Zaher Fallahi for over 10 years in a professional capacity. Zaher is knowledgeable, diligent, capable and a conscientious attorney. Zaher has a strong reputation in his field - International Tax and Undisclosed Foreign Bank Accounts - and is a good person, in general. I highly recommend him for your legal needs.
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