An economic collapse would mean a grinding halt of economic activity. It would mean banks closing down, trucks stopping on highways, lack of food in the supermarket, high unemployment, no access to electricity and water, and a whole bunch of other hardships. Many countries in the world have faced economic collapses before. Yugoslavia in the…
Canada is a well-respected developed nation that is more than just ice hockey and nature parks. It has a growing economy, a decent job market, and stable legal systems. It has a strong education system and high-quality universal healthcare. Which languages are spoken in Canada? In terms of the language, English and French are the…
The US federal government and state governments describe felony as a crime for which penalty exceeds one year. Note that it does not matter how long a prison sentence the felon serves. The length of the sentence is what counts. Felony is a crime that is more serious than a misdemeanor. The range of crimes…
What does expat mean? A person who lives outside his/her home country and works as a skilled worker, professional, or an artist is considered to be an expatriate or expat. The term expat may also extend to a retiree who has chosen to live outside his/her home country. People have been living in foreign countries…
IRS Form 5471 is a tax form for foreign companies owned by US persons. In most cases, form 5471 applies to US citizens and residents who own foreign corporations. It does not matter which country a US person lives in. If that person owns stock in a foreign company as a director or officer, then…
IRS Form 5472 is known as Information Return of a 25% Foreign Owned US Corporation or a Foreign Corporation Engaged in a US Trade or Business. As the name of the form suggests, it is for US businesses which have at least 25% of foreign ownership and are involved in a US business or…
Form 8865 is a form related to Tax Returns for Foreign Partnerships. It is to be filed annually by all US citizens and legal permanent residents who have an interest in a foreign partnership. According to the IRS, a partnership is a relationship that exists between two or more people who come together for the…
Foreign Earned Income Exclusion US tax laws are some of the strictest in the world. If you are a US citizen, then it does not matter where in the world you live. You must pay taxes on all your domestic and foreign income. The only way to stop paying taxes to the IRS is by…
The O1 visa is non-resident visa offered by the US government to any individual (including any recognized expert) who demonstrates or possesses extraordinary ability in business, education, athletics, arts, sciences, or the motion picture or television industry. Such ability is often judged by any national or international recognition (international awards or prizes) that the individual…
The E2 visa is an investor visa offered by the government of the United States of America. It allows the visa recipient to live and work in the US based on an investment that he/she has made in the US. It essentially allows the investor to operate and develop the business in which he/she has…
