The holidays are often the favorite season of many around the country. After the holidays rest a four-month long season that is a favorite among tax professionals - tax season. While it is an opportunistic time of year for everyone in the tax industry, it is often loathed among independent contractors and the self-employed.
It may not seem intuitive to report income from foreign countries and accounts in a U.S tax form, but it is required by law. You must include all income, wages, and interest from the year, even those earned in offshore accounts. Doing so does not necessarily mean that you will owe taxes on your offshore accounts, but avoiding/refusing to include them on your tax returns is very serious.