U.S. persons, including pemanent resident aliens and dual nationals should note that the Lifting of U.S. Sanctions on Itran under the Joint Comprehensive Plan of Action does not lift all sanctions. The following is a link to acomprehensive set of Freqnently Asked Questions (FAQ’s): https://www.treasury.gov/resource-center/sanctions/Programs/Documents/jcpoa_faqs.pdf
Among the FAQ’s is M-1 which provides:
M-1 Are Iranian citizens who are permanent residents of the United States or dual U.S.- Iranian citizens located anywhere in the world generally permitted to conduct business or trade with Iranian companies or operate a business in Iran?
No. Both an Iranian citizen who is a permanent resident alien of the United States and an individual who is a dual U.S.-Iranian citizen meet the definition of a U.S. person set forth in section 560.314 of the ITSR, regardless of where in the world they are located. U.S. persons are generally prohibited under the ITSR from engaging in transactions or dealings involving Iran that are not exempt from regulation or authorized by OFAC. However, OFAC has issued a number of general licenses that authorize U.S. persons, including Iranian citizens who are permanent residents of the United States and dual U.S.-Iranian citizens located anywhere in the world, to conduct certain activities with regard to Iran that would otherwise be prohibited under the ITSR, such as the exportation to Iran of agricultural commodities (including food), medicine, and medical supplies and the exportation of hardware, software, and services incident to personal communications. The United States committed in the JCPOA to license certain activities involving U.S. persons, including the sale to Iran of commercial passenger aircraft and related parts and services, provided they are used exclusively for commercial passenger aviation; the importation of Iranian-origin carpets and foodstuffs; and activities involving Iran conducted by foreign subsidiaries of U.S. companies.
CAution should be taken by all U.S. taxpayers who interpret the lifint of specific sanctions as a lifting of all sanctions. U.S. taxpayers are still, as stated above subject to civil and criminal penalties for violating the remaing sanctions.
U.S. taxpayers remain obligated to report income, under the Internal Revenue Cose (IRC) from all sources, worldwide, including Iran, and report foreign financial accounts on FinCen Form 114 (FBAR) under the Bank Secrecy Act (BSA). FBAR’s for year 2015 are now due by April 15 (subject to extension).
U.S. persons are still barred from direct finacial transactions with Iran.
FAQ C-7 provides:
C-7 After Implementation Day, are foreign financial institutions allowed to clear U.S. dollar transactions involving Iranian persons?
C-7 After Implementation Day, foreign financial institutions need to continue to ensure they do not clear U.S. dollar-denominated transactions involving Iran through U.S. financial institutions, given that U.S. persons continue to be prohibited from exporting goods, services, or technology directly or indirectly to Iran, including financial services, with the exception of transactions that are exempt or authorized by a general or specific license issued pursuant to the ITSR. U.S. persons continue to be prohibited from engaging in any transactions involving Iran, including in currencies other than the U.S. dollar, with the exception of transactions that are exempt or authorized by OFAC.
U.S. taxpayers should consult with counsel before transferring funds to or from Iran and to review reporting cmopliance.