U.S. citizens working overseas and foreign citizens considered residents have Report of Foreign Bank and Financial Accounts reporting obligations if the total value of their foreign financial accounts exceeds $10,000 at any time during the year.

Form 8938: Specified Foreign Financial Assets must be filed with your client’s U.S. income tax return for foreign financial assets worth more than: (1) $50,000 on the last day of the taxable year or $75,000 at any time during the year, for an unmarried individual living inside the United States; or (2) $200,000 on the last day of the taxable year or $300,000 at any time during the year, for an unmarried individual living outside of the United States.

Form 3520: A U.S. beneficiary receiving $100,000 or more in gifts/bequests from a foreign individual is required to file this form by April 15 of the year following the gift. Otherwise, a 25 percent penalty of the total value of the gifts/bequests may result.

Form 5471: U.S. persons (including a citizen, resident alien, domestic partnership or corporation and a domestic trust or estate) who are officers, directors or shareholders of a foreign corporation must file this form if they own or acquire 10 percent of a foreign corporation’s shares.