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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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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.
Any U.S. person, including citizens and residents, owning foreign financial accounts or assets with an aggregate value exceeding specific thresholds must file FRIDA.
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.
The purpose of FRIDA is to ensure compliance with U.S. tax laws by tracking foreign income and assets and preventing tax evasion.
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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