Legal and Tax Implication of Transferring Money to the US

Wednesday, October 24th, 2018 at 8pm - 9:30pm

Location: Sufi Mediterranean Restaurant, located at 5911 Balboa Ave, San Diego 92111

Member Admission Only (No dinner)Free
Member Dinner RSVP (Mediterranean buffet)$15.00Included
Non-Member RSVP-Dinner & Admission$25.00Included
Silver Member RSVP (Dinner included)Free
Student Dinner (RSVP-Dinner & Admission)$15.00Included

: The Iranian Transactions and Sanctions Regulations, generally prohibit causing any direct or indirect transactions, including employment or conducting any business, by a U.S. person, in Iran. A U.S. person is defined as a US citizen, a Green Card Holder or US businesses. Despite the US Sanctions, a US person is allowed to receive gift and inheritance from Iran, travel to Iran, sell property there and transfer the net proceeds to the US, among other things. Sale of property acquired after becoming a US person or closing an existing bank account require OFAC specific license.

Tax Implications

Generally, receipt of gift from Iran may be tax free but require informational tax filing. Sale of property inherited in Iran may be tax free if sold within a reasonable time of receipt. Sale of property in Iran owned for a long time usually triggers tax consequences. Having a business, bank accounts or working in Iran may violate the sanctions and tax laws, Report of Foreign Bank and Financial Accounts (FBAR), Foreign Account Tax Compliance Act (FATCA), and require both OFAC and  IRS voluntary disclosure.

Speech Languge: Persian

Speaker: Zaher Fallahi

Zaher Fallahi, Attorney At Law and Certified Public Accountant (CPA), is licensed in California and Washington D.C. both as a lawyer and a CPA. With emphasis on tax law, tax controversy, un-disclosed offshore accounts, international tax, foreign gifts, estate planning, out-side general counsel services, and Office of Foreign Assets Control (OFAC) Regulations regarding Iran, the firm represents tax and OFAC clients throughout the United States and overseas.  Mr. Fallahi has offices in Los Angeles and Orange Counties and has a regular radio program on OFAC and discusses legal and tax implication transferring money from Iran.

Mr. Fallahi earned his Bachelor of Science at the National Iranian Oil Company Petroleum University of Technology, Master of Science in Accounting, Master of Business Administration (MBA) and Juris Doctor (JD)  in the US. Before establishing his firm in 1992, Zaher worked in private industry, prominent US firms and in a major government agency. 

Mr. Fallahi testifies before the court as an expert witness on tax matters, and advises litigation attorneys on drafting tax-advantageous settlement agreements within the provisions of the Internal Revenue Code. 

6:00 pm - 6:45 pm - Dinner and Networking (Dinner will not be served after 6:45pm) 
7:00 pm - 7:45 pm - Announcements and Short Presentations
7:45 pm - 8:00 pm - Break and Networking
8:00 pm - 9:30 pm - Main presentation and Q&A


Displaying 1 comment
at 3:05am on Monday, October 8th, 2018
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