Chicago (Jan. 28, 2003) -- Grant Thornton and the Independent Community Bankers of America have come up with their own Top 10 list for tax simplification.In a 50-page report commissioned by the ICBA, Grant Thornton recommends the creation of a new "Universal Freedom" savings account, offering tax relief on individual interest and dividend income, improving small business expensing, providing tax relief for long-term deposits, permanent repeal of the estate tax with an increase of the fair-market value allowance at date of death, tax relief to boost small business lending, and giving new ways for local governments to access cost-efficient funding.

The study also advocates improved retirement and education provisions, liberalizing S corporation rules, and the creation of a national limited liability company bank charter.

"Providing relief to small businesses and simplifying savings alternatives are two key themes in this study," said John Ziegelbauer, principal author and a tax partner with Grant Thornton's Office of Financial Services.

-- Electronic Accountant Newswire staff

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access