Although it's not illegal to have an offshore holding company or assets that are held in foreign accounts, most countries require politicians and other public figures to declare their holdings. (fortune.com)
Part III of Schedule B specifically asks about foreign accounts, so make sure you file out this section of your tax return accurately. (taxdebthelp.com)
If you have out of the ordinary things like foreign accounts or large investment income in your kids name, you may be out of luck. (thebrokeprofessional.com)