IRS Corrects Statistical Sampling Guidance

Part IV. Items of General Interest

This announcement contains a correction to Revenue Procedure 2011-42, 2011-37 I.R.B. 318, regarding the use and evaluation of statistical samples and sampling estimates.

In Section 2. BACKGROUND, the following reference should be added after the reference to Rev. Proc. 2007-35, and before the reference to Rev. Proc. 72-36:

Rev. Proc. 2002-55, 2002-2 C.B. 435 (permits external auditors of qualified intermediaries to use statistical sampling);