I am transferring $200K of my own funds from outside the US to US bank account. Is there an IRS reporting requirements? Will the amount be taxable?

No there is no reporting requirement for transferring the funds.
But for funds in foreign bank accounts, you need to file Form Form TD F 90-22.1. File on or before June 30, 2010. You can also file this form for year 2008 on or before June 30, 2010 without any penalty.

Thank you for your response.