Understanding Foreign Asset Reporting US tax code can be very confusing. This is especially true when it comes to reporting foreign assets. The IRS has a number of complex regulations regarding foreign assets and how they are reported, any of which can cause headaches for those filing. To give you some insight into the FBAR and other relevant forms, here is Ayar Law’s guide to foreign asset reporting requirements. Foreign Asset Reporting Forms The Internal Revenue Service has a variety of forms when it regards foreign asset reporting. The most common of these forms are: Form 3520 – Foreign Trust and Gifts Form 3520-A – US Owner of a Foreign Trust Form 5471 – Foreign Corporation Form 8865 – Foreign Partnership Form 8621 – Passive Foreign Investment Company Form 8938 – Specified Foreign Assets FBAR – Report of Foreign Bank and Financial Accounts (also known as FinCen 114)