Supposing you had certain monies invested outside the US in business/fixed deposits /stocks etc and never repatriated this moneyearned(left it in offshore accounts,dont bring it to the US for the moment),do you still have to pay taxes here on it?
I know when u file taxes u are asked to report ur worldwide earnings.But a lot of these institutions abroad do not give u a W2 statement on the interest or dividents earned.Well dont mind getting some tax free income but was just wondering what other emigre's did?

I thought the purpose of those offshore accounts was so that the US government, or any government for that matter, can't touch those resources or their interest (e.g. can't be taxed, frozen, etc.)?