Foreign Account Reporting Reminder for US Taxpayers
Here is a brief summary of reporting foreign accounts, gifts and inheritances. Please note that the penalties for non-compliance can be onerous.

If you inherit or receive a gift from a foreign person of more than $100k:

• Complete a Form 3520 (About Form 3520, Annual Return To Report Transactions With Foreign
  Trusts and Receipt of Certain Foreign Gifts | Internal Revenue Service (irs.gov))
• File the Form 3520 as a Paper tax return

If you have a foreign account open at any time during the calendar year, no matter how low the
balance:

• Complete the questions at the bottom of the Schedule B attached to your personal return.
• Check the boxes stating that you have a foreign account open, no matter how low the value.

If you have foreign accounts open that exceed $10k in any calendar year:

• Complete a Form FIN CEN 114 (Report of Foreign Bank and Financial Accounts (FBAR) | Internal
  Revenue Service (irs.gov))
• For each foreign account, Include the name of the bank, address, account number and
  maximum value of each account during the year
• E-file as a separate return. 

If you are married filing jointly and have foreign accounts with a combined value of more than $150k during the year or more than $100k at 12/31, or any other taxpayer with a combined value of more than $75k during the year or more than $50k at 12/31:

• Complete and attach a Form 8938 About Form 8938, Statement of Specified Foreign Financial
  Assets | Internal Revenue Service (irs.gov))
• File as part of your personal tax return