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VOL P. 2905F R ID A Y, M A Y 1 5, 2 0 2 0THE LEGAL INTELLIGENCE 13PUBLIC NOTICES Brian Harris215.557.2496ESTATE NOTICESNOTICE TO COUNSEL Your attention is directed to Section 3162 of the Probate,
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What is f r id a?
FRIDA stands for the Foreign Reporting Income and Disclosure Agreement, which requires certain individuals and entities to report foreign income and financial assets to the IRS.
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Any U.S. person, including citizens and residents, owning foreign financial accounts or assets with an aggregate value exceeding specific thresholds must file FRIDA.
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FRIDA can be filled out using Form 8938, which is submitted along with the individual's tax return. The form requires detailed information about the foreign accounts and assets.
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The purpose of FRIDA is to ensure compliance with U.S. tax laws by tracking foreign income and assets and preventing tax evasion.
What information must be reported on f r id a?
FRIDA requires reporting details such as the maximum value of foreign financial accounts, types of accounts, and identifying information for each foreign asset.
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