Richard M. Colombik

Richard M. Colombik & Associates, P.C. is a law firm concentrating in Strategic Tax Planning, Asset Protection, Business Entity Structuring and Transactions, Complex Estate Plans, IRS Defense and Business Planning. The 10 person firm is headed by Richard M. Colombik, an award winning Attorney, CPA with a Doctorate in Jurisprudence with Distinction, who was formerly on the tax staff of one of the world's wealthiest families. Mr. Colombik has also been a tax manager at a Big Four accounting firm, the State Bar's liaison to the Internal Revenue Service, Vice President of the American Association of Attorney-CPAs, Vice Chairman of the American Bar Association’s Tax Section of the General Practice Council, as well as the past Chair of the Illinois State Bar Association’s Federal Tax Committee. Mr. Colombik also served on the liaison committee to the Washington, D.C. National Office of the IRS for the American Association of Attorney-CPA's Inc., is a member of the Asset Protection Committee, ABA, as well as their subcommittee on Captive Insurance. Mr. Colombik has appeared on numerous television shows, hosted a weekly radio show on tax and business planning, and authored numerous articles on income taxation, asset protection planning, IRS defense and estate planning. This is in addition to authoring a published work on Business Entity Structures offered by the Illinois Institute of Continuing Legal Education, as well as being a featured speaker to business groups, civic groups, bar associations and professional groups. If the issue is strategic tax planning, asset protection, or complex business and estate tax planning, Richard M. Colombik & Associates, P.C. is the firm to contact. Specialties: Tax Planning, Asset Protection, Business Entity Structuring and Transactions for Closely Held Companies, Complex Estate Plans, IRS Defense and Business Planning

Section 56-Mininum Tax Adjustments

SECTION 56MINIMUM TAX ADJUSTMENTS

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Savvy Investor Column-1-31-02

Is the market coming back?  All key economics point to the fact that we are in a recession, but a recovery is on its way. The National Bureau of...

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Sell Your Company Or Other Assets And Pay No Tax

Your business has matured, or your real estate has appreciated, time to cash out and sell.  It has taken a long time, and since you have held your...

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3 min read

TIPS BOND and I BONDS

In times of unknown predictions, presidential races, terrorist threats and the uncertainty of the future, most people are secure that the cost of...

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Seven Steps Toward Nanny Tax Compliance

In June 1993, most observers pegged Stephen Breyer as the odds on favorite for appointment to the Supreme Court seat vacated by Justice Byron White. ...

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Small Business Benefits From Retirement Plan Changes

The Small Business Jobs Protection Act of 1996, TL 104-188, 8/20/96, should have a beneficial effect for small businesses, employers, employees and...

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State Taxation on Mail Order

Quill Corp. vs. North Dakota: On May 26th, 1992, United States Supreme Court held that a mail order house, may have the minimum contacts necessary in...

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1 min read

Limited Liability Companies

A.  Taxation as a Partnership or Corporation

1. Default Classification Rules

In order to distinguish between taxation as a partnership or...

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Richard Colombik interviewed by a reporter from Sam’s Club for an article on Fighting IRS audits

Richard M. Colombik, JD, CPA was recently interviewed for the Sam’s Club magazine on what triggers IRS audits. Mr.. Colombik a recognized authority...

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