Businesses and organizations conducting wagers or lotteries must file Form 730 and pay the associated tax to the Department of Treasury. Learn here how to properly complete Form 730 and when to submit the return.
What is Form 730?
Form 730 is an IRS filing used to report the tax on wagers as required by section 4401(a). This filing must be done by any organization or person who is in the business of accepting wagers, conducts a wager pool or lottery, or who received wagers on behalf of another person without reporting their name and address. It must be accompanied by Form 11-C, which is used to register for this tax obligation. Generally, organizations exempt from income tax are not exempt from the tax on wagers, but there is an exception for lotteries. Form 730 should be filed by the last day of the month following the month for which taxable wagers are reported and should be sent to the IRS office in Ogden, UT. Amounts may be rounded to the next whole dollar.
H2-2 IRS Form 730 – Who Needs to Fill It Out?
IRS Form 730 must be filled out by businesses that accept wagers, conduct wagering pools or lotteries, or receive wagers from another person without recording their information. Tax-exempt organizations may also need to fill out the form. To complete, provide your name, address, EIN, and the month and year the form is being filed for. Round amounts to the nearest dollar, dropping amounts below 50 cents, but keep cents when adding multiple amounts. The form should be filed by the last day of the month following the month the wagers are reported. Returns must be filed each month, even when there is no tax to report.
Step-by-Step: Form 730 Instructions For Filling Out the Document
Following these step-by-step instructions for filling out Form 730, you must file if you are in the business of accepting wagers, conduct a wagering pool or lottery, or are required to be registered and you received wagers for or on behalf of another person. Enter your name, address, employer identification number (EIN), and the month and year for this form. Round off amounts but add cents when adding several amounts to a line. Then, file Form 730 each month by the last day of the month following the month reported on the form, whether or not there are taxable wagers to report. Mail the return to the Department of Treasury to Ogden, UT 84201-0100.
Below, we present a table that will help you understand how to fill out Form 730.
|Information Required for Form 730||Details|
|Wagering Activities||Reporting for businesses accepting wagers or conducting wagering pools or lotteries|
|Filing Frequency||Filing each month by the last day of the following month|
Do You Need to File Form 730 Each Year?
Yes, if you are in the business of accepting wagers, conduct a wagering pool or lottery, or are required to be registered and receive wagers for or on behalf of another person, you must file Form 730 each month. Certain 501 or 521 organizations may be exempt from the tax on wagers or the occupational tax, refer to Lottery, later, for this exception. Round amounts to whole dollars if you wish, but if more than one amount needs to be added only round off the total amount. The IRS won’t send you a notice that the return is due, the form is due by the last day of the following month that the you’re reporting taxable wagers for. If no tax is owed, write “None” on line 6. If you stop accepting wagers, check the final return box above line 1 and send the form to the Department of Treasury, Internal Revenue Service in Ogden, UT.
Download the official IRS Form 730 PDF
On the official IRS website, you will find a link to download Form 730. However, to make it easier for you, we are providing the link in our article, which comes directly from the official irs.gov website! Click to download: Form 730