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Zaher Fallahi, Attorney At Law, CPA; Spring 2013 Statistics of Income Bulletin Now Available

Posted by: Zaher Fallahi
Posted On: Jun 03, 2013

WASHINGTON — The Internal Revenue Service today announced the availability of the spring 2013 issue of the Statistics of Income Bulletin, which features information on high-income individual income tax returns filed for tax year 2010.

Taxpayers filed almost 4.3 million returns with adjusted gross income of $200,000 or more for 2010. These high-income returns represent about 3.0 percent of all returns filed for the tax year.

The Statistics of Income (SOI) Division produces the SOI Bulletin on a quarterly basis.  Articles included in the publication provide the most recent data available from various tax and information returns filed by U.S. taxpayers. This issue of the SOI Bulletin also includes articles on the following topics:

Sales of capital assets.  For tax years 2007 – 2009, data from individual income tax returns show that taxpayers realized the highest net capital gains of $914 billion in 2007, while only $37 billion were reported for 2009.

Municipal bonds. The municipal bonds market was still dominated by almost 22,000 tax-exempt governmental bonds issued in 2010, raising $293.6 billion in proceeds for public projects, such as schools, transportation infrastructure and utilities.

Nonresident alien estate tax. Executors for estates of nonresident aliens filed 1,887 tax returns in filing years 2009-2011. Returns filed were predominantly for estates of decedents who died between 2007 and 2010, and data from these returns showed an overall decline in the total gross estate and net estate tax owed.

International boycott reports. For tax year 2010, about 132 U.S. entities received 3,200 requests to participate in unsanctioned international boycotts, down from 160 U.S. entities and 3,500 requests in 2009.

The Statistics of Income Bulletin is available for download at IRS.gov/taxstats. Printed copies of the Statistics of Income Bulletin are available from the Superintendent of Documents, U.S. Government Printing Office, P.O. Box 371954, Pittsburgh, PA 15250-7954. The annual subscription rate is $67 ($93.80 foreign); single issues cost $44 ($61.60 foreign).

For assistance with any tax matters, including the IRS representation and disclosing your unreported foreign bank accounts, you may contact Zaher Fallahi, Tax Attorney, CPA, at (310) 719-1040 (Los Angeles) or (714) 546-4272 (Orange County), or e-mail to taxattorney@zfcpa.com.

Zaher Fallahi, Tax Attorney, CPA, on 670 AM

posted May 28, 2013, 10:36 PM by Zaher Fallahi

Zaher Fallahi, Tax Attorney, CPA, will be on 670 AM, a Los Angeles Persian Radio Station, on Tuesday, June 4, 2013, at 12:30 PM (Noon), discussing the tax ramification of Foreign Bank Accounts—Report of Foreign Bank and Financial Accounts (FBAR) and Foreign Account Tax Compliance Act (FATCA). He will also take questions from the public with respect to tax matters.

Zaher Fallahi, Tax Attorney, CPA; IRS Reminds Those with Foreign Assets of U.S. Tax Obligations

posted May 23, 2013, 11:02 PM by Zaher Fallahi   [ updated May 23, 2013, 11:05 PM ]

WASHINGTON – The Internal Revenue Service reminds U.S. citizens and resident aliens, including those with dual citizenship who have lived or worked abroad during all or part of 2012, that they may have a U.S. tax liability and a filing requirement in 2013.

The filing deadline is Monday, June 17, 2013, for U.S. citizens and resident aliens living overseas, or serving in the military outside the U.S. on the regular due date of their tax return. Eligible taxpayers get two additional days because the normal June 15 extended due date falls on Saturday this year. To use this automatic two-month extension, taxpayers must attach a statement to their return explaining which of these two situations applies. See U.S. Citizens and Resident Aliens Abroad for additional information additional information on extensions of time to file.

Nonresident aliens who received income from U.S. sources in 2012 also must determine whether they have a U.S. tax obligation. The filing deadline for nonresident aliens can be April 15 or June 17 depending on sources of income. See Taxation of Nonresident Aliens on IRS.gov.

Federal law requires U.S. citizens and resident aliens to report any worldwide income, including income from foreign trusts and foreign bank and securities accounts. In most cases, affected taxpayers need to fill out and attachSchedule B to their tax return. Certain taxpayers may also have to fill out and attach to their return Form 8938, Statement of Foreign Financial Assets.

Part III of Schedule B asks about the existence of foreign accounts, such as bank and securities accounts, and usually requires U.S. citizens to report the country in which each account is located.

Generally, U.S. citizens, resident aliens and certain nonresident aliens must report specified foreign financial assets on Form 8938 if the aggregate value of those assets exceeds certain thresholds. Instructions for Form 8938 explain the thresholds for reporting, what constitutes a specified foreign financial asset, how to determine the total value of relevant assets, what assets are exempted and what information must be provided.

Separately, taxpayers with foreign accounts whose aggregate value exceeded $10,000 at any time during 2012 must file Treasury Department Form TD F 90-22.1. This is not a tax form and is due to the Treasury Department by June 30, 2013. For details, see Publication 4261: Do You Have a Foreign Financial Account? Though this form can be filed on paper, Treasury encourages taxpayers to file it electronically.

Taxpayers abroad can now use IRS Free File to prepare and electronically file their returns for free. This means both U.S. citizens and resident aliens living abroad with adjusted gross incomes (AGI) of $57,000 or less can use brand-name software to prepare their returns and then e-file them for free.

Taxpayers with an AGI greater than $57,000 who don’t qualify for Free File can still choose the accuracy, speed and convenience of electronic filing. Check out the e-file link on IRS.gov for details on using the Free File Fillable Forms ore-file by purchasing commercial software.

A limited number of companies provide software that can accommodate foreign addresses. To determine which will work best, get help choosing a software provider. Both e-file and Free File are available until Oct. 15, 2013, for anyone filing a 2012 return.

Any U.S. taxpayer here or abroad with tax questions can use the online IRS Tax Map to get answers. An International Tax Topic Index page was added recently. The IRS Tax Map assembles or groups IRS forms, publications and web pages by subject and provides users with a single entry point to find tax information.

For assistance with any tax matters, including the IRS representation and disclosing your unreported foreign bank accounts, you may contact Zaher Fallahi, Tax Attorney, CPA, at (310) 719-1040 (Los Angeles) or (714) 546-4272 (Orange County), or e-mail to taxattorney@zfcpa.com.

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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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Mr. Fallahi handled filing my foreign inheritance tax return and FBAR international tax filings. He was unassuming, thorough, and responsive. He was available via text, email or call, daytime hours and after hours, weekdays and weekends. He made himself available to my schedule and went above and beyond to ensure my peace of mind. It was a pleasure working with him and someone I highly recommend.
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I have known Mr. Fallahi for more than five years and have been using his legal expertise for several tax and OFAC related cases. I have been very happy with his advice and the outcome of those cases. He is an excellent attorney and CPA, very professional, responsive, and caring. He goes above and beyond to ensure your peace of mind. I highly recommend him.
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We enjoyed working with Mr. Fallahi who is quite knowledgeable and assisted us with an international financial endeavor with great success. We highly recommend him.
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Mr Fallahi was a great help to me and my family. He is a very knowledgeable lawyer and knows the ups and down of the law about our case. He gave us an step by step direction and made this a very easy process.I have to mention that his staff in Costa Mesa were always polite and helpful.
Mr. Zaher went above and beyond for me. His fees are comparable to other attorneys in the field. Nothing extravagant. In addition I received a personal attention I did not from other attorneys I've worked with. He made himself available when he was out of the office and worked diligently to meet a crucial deadline for me even as a first time customer. I am happy to have found an attorney such as Mr. Zaher.
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Knowledgeable OFAC and Tax Attorney/CPAI consulted Mr. Zaher Fallahi for OFAC and International Tax Matters. He did a great job for me. He is a very knowledgeable Attorney,CPA. I needed the work completed over the weekend, which he did instead of waiting for two weeks. He followed up on the status of the case regularly and I felt assured that everything was going well. I recommend his services without hesitation.
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DR. Fallahi is one of the most experienced, trustworthy, and knowledgable professionals in the field. I contacted him for the legal service. He was super helpful during the initial consultation and patiently answered all my questions. His responses were always timely even during the weekends, which I really appreciated . I had a great experience with DR.. Fallahi and would highly recommend him to those who needs legal services!
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I have known Mr. Fallahi for more than 15 years. He has helped us with several matters involving tax consequences of various transactions from the perspective of a tax attorney as well as matters related to OFAC. He is well versed in his profession and we do not hesitate to go back to him for advice on these matters. I wholeheartedly recommend him.
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We used Mr Fallahi's OFAC services for an international fund transfer. He is very well-versed in the subject matter and provided invaluable advice. He was available to answer our questions at all time. We appreciate and highly recommend him.
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X Chen
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We and our CPA worked with Zaher Fallahi to resolve a tax issue with a very satisfactory result. We greatly appreciated Mr. Fallahi’s knowledge, professionalism, and guidance. He was very easy to work with. He took care to patiently explain every step that we took, and completed our project in a very timely manner. Although our tax issue was probably a minor one for him, we never felt that he was giving us anything but top priority. I would highly recommend Zaher Fallahi to anyone needing tax/legal assistance.
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Hi. About six months ago I contacted Mr. Fallahi in regard to the inheritance money that I was trying to transfer to US. I needed guidance on what the legal procedure to follow is in lieu of all the issues that exist because of the Iran sanctions by the US government.Mr. Fallahi was extremely professional, accessible at all times and provided sound and legal advise. He guided me in the right direction and mentioned all the legal documents that I needed to collect while in Iran. Once i got back to US, he drafted the legal document that I presented to my bank and proceeded with the transfer of funds.I was so pleased with Mr Fallahi's conduct that I got him engaged with my cousin to take care of his case.
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I have been lucky to have Mr. Zaher Fallahi as my CPA and Tax attorney for the last 5 years. He is very informative and helpful in providing insights and perspectives. Zaher is detail-oriented, trustworthy, confident, and extremely knowledgeable in tax laws. He always goes the extra miles to make sure his client is protected and well served. Zaher is the most responsive person through email, that I have worked with in my life. Having his support is a peace of mind and blessing.
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Mr. Fallahi is very knowledgeable and highly competent in the OFAC area. He helped me navigate my case with ease and confidence. He advised and explained the steps necessary for the best outcome and frequently followed up with me to ensure my case was progressing. He always responded to my questions in a timely and expedient manner even on weekends. He takes special care of his clients and provides a high level of service. I highly recommend him to my friends and family and anyone who needs legal advice.
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Mr. Fallahi helped me with an OFAC related case. He did a great job for me and I am very happy to have worked with him.He explained the details of the process and gave me valuable advice.He is very knowledgeable and always available and responsive, even on weekends.
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One of the best Tax attorneys and tax professionals in California. I always enjoyed visiting his office to get feedback and advice about various tax issues. Mr. Zaher Fallahi is both a CPA and a Tax Attorney and that combination is very helpful...
Dr. Shadi
Dr. Shadi
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Mr. Fallahi impressed me with his extensive knowledge and experience as a top of the line professional during the initial consultation. He patiently gave me detailed advice and instructions and gained my full trust. He answered any follow up questions very promptly and within hours, even on the weekends. Moreover, he followed up on my case several times to ensure everything is going well. Since I was on a very tight schedule, he expedited the process and made all the documents ready in one day. My experience was very positive and I would highly recommend him to my friends and family.
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