Fillable Form 730 - Monthly Tax Return For Wagers (Page 4 of 4) in pdf

Form 730 (Rev. 12-2012)

Page

• Drawings conducted by an organization exempt from tax

No credit is allowed unless the following information is

under sections 501 and 521, as long as the net proceeds

attached to the return for each laid-off wager:

of the drawing do not benefit a private shareholder or

• The certificate described in Regulations section

individual.

44.6419-2(d).

Line 2. Enter the gross amount of any laid-off wagers

• A statement that includes (a) the reason for the credit, (b)

accepted during the month. Gross laid-off wagers are the

the month in which the tax was paid, (c) the date of

total of those laid-off wagers that are authorized and those

payment, and (d) whether any previous claim covering all or

that are not authorized by the state in which they are

part of the amount involved has been filed.

accepted.

Line 6. If line 4c is more than line 5, enter the difference on

Lines 4a and 4b. Enter the applicable amount included in

line 6. You do not have to pay if line 6 is under $1.00. You

line 3. Multiply the amount by the rate shown and enter the

may pay the amount shown on line 6 using the Electronic

result. The rate of tax depends on whether the wager is

Federal Tax Payment System (EFTPS) or by check or

authorized by the laws of the state in which the wager was

money order. If you pay using EFTPS, do not file Form

accepted. The lower rate applies to wagers that are

730-V, Payment Voucher.

authorized by state law.

Electronic payment. Now, more than ever before,

Line 5. You may be able to claim a credit for the amount of

businesses can enjoy the benefits of paying their federal

any overpayment of tax or for the amount of tax imposed

taxes electronically. Whether you rely on a tax professional

with respect to a wager that you laid off. You may also use

or handle your own taxes, the IRS offers you a convenient

Schedule 6 (Form 8849) to make a claim for refund.

program to make it easier. Spend less time on taxes and

Credit for an overpayment of tax. Generally, you may

more time running your business. Use EFTPS to your

claim a credit for any overpayment of tax. The claim must

benefit. For information on EFTPS, visit or

be filed within 3 years from the time the Form 730 reporting

call EFTPS Customer Service at 1-800-555-4477.

the tax was filed or 2 years from the time the tax was paid,

Recordkeeping. Keep copies of your tax returns, records,

whichever is later. No credit is allowed unless a statement

and accounts of all transactions to show that the correct

of the facts involving the overpayment is attached that

tax has been paid. Keep records to support all adjustments

includes the following information.

claimed and all exemptions at least 4 years from the latest

• An explanation of the reason for claiming a credit.

of the following dates: when the tax became due, when

you paid the tax, when you claimed an adjustment, or

• The date of payment and the amount of the tax.

when you filed a claim for refund. Always keep your records

• Whether any previous claim covering the amount

available for IRS inspection.

involved, or any part, has been filed.

Penalties. Avoid penalties and interest by filing returns and

• A statement that you:

paying taxes when due. The law provides penalties for

filing a return late, paying taxes late, failing to file a return,

1. Have not collected (whether as a separate charge or

negligence, and fraud. These penalties are in addition to

otherwise) the amount of the tax from the person that

the interest charge on late payments. The penalty for filing

placed the wager on which the tax was imposed, or

a return late or paying the tax late will not be imposed if you

2. Have repaid the amount of the tax to the person that

can show that the failure to file a timely return or timely pay

placed the wager, or

the tax is due to reasonable cause.

3. Have the written consent of the person that placed the

If you receive a notice about a penalty after you file this

wager to the allowance of the credit. The consent must be

return, reply to the notice with an explanation and we will

attached to the return.

determine if you meet reasonable-cause criteria. Do not

Note. If the overpayment relates to a laid-off wager accepted

attach an explanation when you file your return.

by you, one of the three statements in the previous bullet

Unresolved tax problems. The Taxpayer Advocate’s

must be attached for both the person who placed the laid-off

office may assign a personal advocate to taxpayers who

wager with you and the person who placed the original

have been unable to resolve their problems with the IRS.

wager.

You can write to the Taxpayer Advocate at the IRS office

Credit for wagers laid off by you. If you accept a

that last contacted you or call a toll-free assistance

wager and lay off all or a part of that wager with a person

number, 1-877-777-4778. Persons who are deaf, hard of

who is liable for tax, follow the rules below to claim a credit

hearing, or have a speech disability and have access to

depending on whether or not you paid the tax.

TTY/TDD equipment may call 1-800-829-4059 to ask for

help from the Taxpayer Advocate. This office cannot

• If you have not paid the tax, you may claim a credit on

change the law or technical decisions, but it can help clear

Form 730 in the amount of the tax due for the laid-off

up problems that resulted from previous contacts.

wager, if the certificate described in Regulations section

44.6419-2(d) is attached to Form 730 for the month during

Disclosure of information on wagering taxes. Except for

which the wager was accepted and laid off.

administering or enforcing Internal Revenue taxes, neither

the Treasury Department nor any of its employees may

• If you have paid the tax, you may claim a credit for the tax

disclose documents, records, or information obtained

paid on the laid-off amount. The claim must be filed within 3

through them that a taxpayer supplies in connection with

years from the time the return reporting the tax was filed or 2

wagering taxes. Also, certain documents related to

years from the time the tax was paid, whichever is later.

wagering taxes and information obtained through them

Interest will not be allowed on a credit for the tax imposed

that relates to wagering taxes may not be used against the

on a wager that you laid off.

taxpayer in any nontax criminal proceeding. See section

4424 for more details.

Form 730 - Monthly Tax Return For Wagers Page 4

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