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What is OFAC Voluntary Self-Disclosure?

Disclaimer: Iran OFAC license data below is for general information, not legal advice.

Zaher Fallahi, Iran OFAC License Attorney, CPA, assists Iran OFAC license clients with obtaining Iran OFAC licenses, money transfer from Iran pursuant to Iran OFAC License, taxation of Iran OFAC license transactions, Iran OFAC license problems with OFAC, Iran OFAC license Voluntary-Self Disclosure, IRS Audit, Cryptocurrency Tax, and Foreign Gifts. Consultation is available via toll free 1-(877) 687-7558.

Harvard Law School

Zaher Fallahi, Iran OFAC License Attorney, CPA, has completed “Negotiation and Leadership”, and “Leveraging the Power of Emotions as You Negotiate” Certificate Programs at Harvard Law School.

What is OFAC Voluntary Self-Disclosure (“VSD”)?

OFAC Voluntary Self-Disclosure (VSD) refers to a person’s voluntary reporting of his or her OFAC violation. Generally, VSD, preferably in consultation with an OFAC attorney, substantially mitigates potential OFAC penalties and almost guarantees no criminal prosecution referrals.  This is also true with respect to unreported foreign bank accounts with cumulative balances greater than $10,000, and voluntarily filing the required Foreign Bank Account Reporting (FBAR) in consultation with an international tax attorney.  Because the long-standing policy of the U.S. Treasury encourages voluntary disclosures. The following are examples of situations where you need to enter Iran OFAC license VSD:

(1) Having a bank account or brokerage account in Iran with potential OFAC and FBAR violations;

(2) Engaging in a self-employment business in Iran with potential OFAC, FBAR and regular tax filing violations;

(3) Being employed in Iran; except for U.N. related organizations with violations like items 1 and 2 above; and,

(4) Hiring counsel in Iran for legal services without Iran OFAC specific license; and,

(5) Conducting other business activities such as farming or manufacturing in Iran.

Important: Because Iran OFAC license VSD may entail violation of the U.S. International Tax Laws, entering Iran OFAC license VSD should be coordinated between your Iran OFAC Attorney and an International Tax Attorney with expertise in Report of Foreign Bank and Financial Accounts (FBAR), Foreign Account Tax Compliance Act (FATCA) and IRS Voluntary Disclosure Practice (VDP).   

Zaher Fallahi, Iran OFAC License Attorney, CPA, assists Iran OFAC license clients with obtaining Iran OFAC licenses, money transfer from Iran pursuant to Iran OFAC License, taxation of Iran OFAC license transactions, Iran OFAC license problems with OFAC, Iran OFAC license Voluntary-Self Disclosure, IRS Audit, Cryptocurrency Tax, and Foreign Gifts. Consultation is available via toll free 1-(877) 687-7558, (310) 719-1040, Los Angeles, (714) 546-4272, Orange County, and email taxattorney@zfcpa.com