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Borghese Winery Owner Dies in Crash

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first_imgSign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York The 70-year-old owner of the first North Fork winery died when the SUV he was driving was involved in a head-on crash with a truck in Wading River on Monday afternoon.Riverhead Town Police said Maro Borghese was driving his Jeep Grand Cherokee eastbound on Route 25A when he failed to negotiate a curve in the roadway and collided with a westbound box truck at 3:33 p.m.Borghese was taken to Peconic Bay Medical Center, where he was pronounced dead.The victim is the owner of Castello di Borghese Vineyard in Cutchogue, the first winery to open on the East End more than 40 years ago, paving the way for more than 100 others that make up the North Fork Wine Trail today. He bought it in 1999.His passing came days after his 56-year-old wife, Ann Marie Borghese, also died.Riverhead town police are continuing the investigation into the cause of the crash with the assistance of New York State police.last_img read more

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Tax evasion law “could cost big banks $100 million”

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first_img 213 Views   no discussions MILAN (Reuters) – A U.S. law aimed at curbing tax evasion by citizens using foreign accounts could cost large multinational banks as much as $100 million apiece to implement in one-off systems costs, a top asset manager and a tax lawyer told a conference on Friday.The overall costs of implementing the Foreign Account Tax Compliance Act (FATCA), could approach the more than $8 billion FATCA is due to raise over 10 years, he said.FATCA was introduced after high profile tax evasion cases.“With FATCA there is a cost on us in Europe but benefits in the U.S.. The benefit is $8.5 bln over 10 years … for multinational banks I have seen estimates of $100 million (each, in one-off costs),” said James Broderick, head of Europe, Middle East and Africa for JP Morgan Asset Management.“It would be easier to just write a cheque to the IRS (U.S. tax authority)”, he added.The $100 million figure is with regard to the costs of implementation for the banking systems of large, multi-jurisdictional banks, and not for an asset manager, he said.Speaking at the same conference, organized by Italy’s asset management association Assogestioni, tax expert Keith Lawson said he had also heard the $100 mln figure.Lawson, Senior Counsel Tax Law at ICI, the U.S. national association of U.S. investment companies, said aspects of FATCA were “draconian” but a repeal would be very difficult given the amount it would raise.Broderick said banks and wealth managers had to accept that FATCA, which starts coming into force in June 2013, would be implemented and they may have to change their business models.FATCA has drawn wide criticism from abroad, with banks and business people saying the new law turns them into agents of the IRS.Writing by Nigel Tutt; Editing by Greg MahlichYAHOO News Tweet LifestyleMoney Tax evasion law “could cost big banks $100 million” by: – November 18, 2011 Sharecenter_img Share Share Sharing is caring!last_img read more

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