Not necessarily! In many cases, it can be very straightforward. For instance, if your only foreign assets are foreign bank accounts or stocks, the reporting requirements are minimal. And the information is generally easy to obtain.
With more complex situations, you can avoid pitfalls by making sure you get the reporting done right in the first year you own the foreign asset (or in the first year you become a US tax resident). We handle this type of reporting daily. And we help you make important tax elections in the first year of ownership to qualify you for better tax treatments going forward. If it’s not your first year of ownership and you need to fix your reporting, we can help with that, too.