Your small business tax questions can be answered by the Business and Specialty Tax Line at 800-829-4933. Write down the IRS employee’s name and employer ID number in case you need to refer to the response you received.
The government reports that the fair market value of IRAs fell from $4.7 trillion in 2007 to $3.7 trillion in 2008. This is a 22.5% decrease. What’s more, withdrawals in 2008 were $227.5 billion, up from $167.1 billion in 2007.
Source: Statistics of Income Bulletin, Spring 2012
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