Any foreign taxes that you pay on income also taxed in the US can be claimed on your US tax return. If the foreign taxes are greater than the US taxes then you have a credit to use against other income.
If your foreign account has a value that exceeds $10,000 then you are required to report it each year on a form 114 electronically through the BSA network (Here's a link). The form is not included with your tax return but also has an April 15 deadline. If it's under $10,000 there are no reporting requirements.
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