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Jeffrey L. Chiles, CPA

Jeffrey L. Chiles, CPA

Author's details

Name: Jeffrey L. Chiles, CPA
Date registered: July 6, 2011

Contact Information

Phone: 312.670.7444
Fax: 312.670.8301

Email: jchiles@orba.com
Website: http://www.orba.com
LinkedIN: http://www.linkedin.com/profile/view?id=92263201&authType=name&authToken=GmuK&trk=tyah

Biography

As a member of ORBA's Not-For-Profit Group and Tax Department, Jeff offers strategic tax planning and technical advice to his clients, which include not-for-profit organizations, such as social service agencies, associations, educational institutions and foundations, as well as high net worth individuals and closely-held businesses. With ten years of experience, he also specializes in state and local taxation and taxation of flow-through entities, including S corporations. Jeff is continually developing his expertise in the not-for-profit area and attends national continuing education conferences on a regular basis to remain up to date on the most current issues affecting the not-for-profit industry.

Latest posts

  1. Not-For-Profit Group Newsletter — Summer 2016 — July 7, 2016
  2. Deduct Now, Donate Later: Donor-Advised Funds Offer Significant Benefits — April 4, 2016
  3. Pros and Cons of the For-Profit Subsidiary — January 5, 2015
  4. Buyer Beware: UBIT Can Take a Bite Out of Alternative Investments — May 1, 2014
  5. What is UBIT? — March 13, 2014

Author's posts listings

2016
Jul 07

Not-For-Profit Group Newsletter — Summer 2016

ORBA’s Not-For-Profit Group Newsletter is a quarterly publication focused on effective not-for-profit organization management. The Summer 2016 issue includes two articles: “When Investment Income Counts as UBI” and “Newsbits: Summer 2016.’”

2016
Apr 04

Deduct Now, Donate Later: Donor-Advised Funds Offer Significant Benefits

Taxpayers who are planning to make significant charitable donations should keep a donor-advised fund (DAF) in mind as an option. These funds offer many of the tax and estate planning benefits of private foundations, but at just a fraction of the cost. This article explains how a DAF works and its benefits, such as the ability to deduct DAF contributions immediately but make gifts to charities later. A Sidebar discusses how private foundations can offer important advantages for those who can afford them.

2015
Jan 05

Pros and Cons of the For-Profit Subsidiary

In the wake of a drop in public grants and private donations, for-profit endeavors can have a magnetic appeal as not-for-profit organizations look for new revenue streams. But there are a number of factors that a not-for-profit should consider before taking on the significant cost and responsibility of operating a for-profit company. This blog details some incentives and drawbacks of for-profit subsidiaries.

2014
May 01

Buyer Beware: UBIT Can Take a Bite Out of Alternative Investments

The uncertain economy and turbulent financial markets of recent years have led some not-for-profit organizations to turn to alternative investments. While these investments may hold the potential of higher returns, they also come with the risk of unrelated business income tax (UBIT). Even in the absence of tax liability, alternative investments can involve significant filing requirements.

2014
Mar 13

What is UBIT?

One of the most attractive aspects of a not-for-profit organization is the ability to operate and produce income which is not subject to taxation. While this is generally the rule, there are situations where activities conducted by an organization can generate unrelated business taxable income. This post focuses on the definition of unrelated business income tax (UBIT) and what activities may trigger UBIT.

2013
Nov 06

How to Define Business Transactions with Interested Persons

The redesign of Form 990 a few years back ushered in a wave of new reporting, most of which focused on transparency, governance and recordkeeping. One of the new schedules created from the redesign was Schedule L, Transactions with Interested Persons. The purpose of this schedule was to allow the IRS and the public to gain visibility into the dealings that organizations have with those close to the organization.

2013
Jan 15

Charitable Aspects of the Fiscal Cliff Deal

A fiscal cliff deal finally materialized on January 2 with the passage of the American Taxpayer Relief Act of 2012. The legislation included a handful of new tax provisions as well as a significant number of tax extenders previously scheduled to expire either in 2011 or 2012. A few of these provisions and extenders will more than likely have a direct effect on charitable organizations and their fundraising efforts, including the reinstatement of the Pease limitation and the extension of the qualified charitable IRA distribution.

2012
Jul 12

VOW to Hire a Veteran

Having just recently celebrated both Memorial Day and Independence Day, it seems like an appropriate time to discuss the government’s initiative to help employ veterans of the Armed Forces while incentivizing employers at the same time.

2012
Jan 13

BINGO! What now?

In the current state of the economy, organizations are trying new and unique ways such as holding gaming activities including bingo, raffles, or card games either as stand-alone activities or as part of larger special events to draw in contributors. Gaming activities, however, come with a number of specific rules surrounding filing and withholding requirements that organizations need to be aware of prior to hosting these events.

2011
Jul 08

Use It Or Lose It

The IRS recently issued a listing of approximately 275,000 organizations that have automatically lost their tax-exempt status due to non-filing of required annual reports for three consecutive years. This inclusive list represents organizations of all sizes and exemption types that had a filing requirement but did not file the required returns or notices for the 2007, 2008, and 2009 tax years.