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Information Update on Taxable Income for Non-Profits Released by San Francisco Bay Area CPA Firms, Safe Harbor LLP and G & J Seiberlich & Co LLP


Leading San Francisco CPA Firm, Safe Harbor LLP, and Napa CPA Firm, G & J Seiberlich & Co LLP announce information update for non-profits, clarifying the rules that govern taxable UBI (unrelated business income) for non-profit organizations.

San Francisco, CA (PRWEB) December 31, 2012

Safe Harbor LLP, a top San Francisco CPA firm, along with G & J Seiberlich & Co LLP, a leading Napa, California, CPA firm, have announced the publication of an information update for non-profits regarding UBI (Unrelated Business Income). Many San Francisco Bay Area non-profits engage in both taxable and tax-exempt revenue activities, and this information post helps them to understand the IRS regulations.

“San Francisco is a hotbed of non-profit activity,” explained Chun Wong, CPA, managing partner at Safe Harbor LLP. “Both of our firms receive quite a few inquiries from Bay Area non-profits as to the rules and regulations governing taxable and tax-exempt income activity by non-profits.”

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More on Non-Profits and Taxable Income

As competition for funding is becoming more competitive more and more not–for-profits are seeking more diverse funding. As they are seeking these additional funding streams they need keep in mind that 501(c)(3) organizations are generally required to pay tax on income that isn't related to its main purpose — even if that income keeps the not-for-profit afloat. This unrelated business income (UBI) is something to watch closely, because if a non-profit is ever audited, the IRS will likely scrutinize its records to see whether the non-profit accurately reported UBI.

For more detailed information on non-profits and taxable income, the reader is directed towards contacting one of the CPA firms listed below. Each client situation is unique and the best method is to discuss, in advance, the exact situation with a trained CPA professional.

About Safe Harbor LLP – a Professional CPA Firm in San Francisco

Safe Harbor LLP is a CPA firm that specializes in accounting and tax services for individuals and businesses throughout the San Francisco Bay Area and greater California. Safe Harbor CPAs helps both individuals and businesses with tax preparation, IRS audit defense, and audited financial statements. The firm prides itself on friendly yet professional service and utilizes state-of-the-art Internet technology to provide quality customer service.

Safe Harbor CPA
Tel. 415.742.4249

About G & J Seiberlich & Co LLP CPAs - a Professional CPA Firm in Napa, CA

G & J Seiberlich & Co LLP is the oldest full-service CPA firm in the North Bay and the first to specialize in many of the industries that make the region unique. Gordon Seiberlich came to the Napa Valley in 1949, determined to put his national accounting experience to work by establishing a full-service firm in a place that was scarcely more than a spot on a map.

G & J Seiberlich & Co LLP
Tel. 707-224-7948

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