--- title: Articles | Richard M. Colombik (4) description: "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.\n\nThe 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.\n\nMr. 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.\n\nIf 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.\n\nSpecialties: Tax Planning, Asset Protection, Business Entity Structuring and Transactions for Closely Held Companies, Complex Estate Plans, IRS Defense and Business Planning (4)" image: https://www.richardcolombik.com/hubfs/First%20person%20perspective%20hand%20typewriting%20with%20flying%20documents%20around.jpeg --- [![RMC-logo-svg](https://www.richardcolombik.com/hubfs/RMC-logo-svg.svg)](https://www.richardcolombik.com) - [Welcome](https://www.richardcolombik.com) - [Services](https://www.richardcolombik.com/services) - [IRS](https://www.richardcolombik.com/services/irs) - [Tax Reduction Planning Services](https://www.richardcolombik.com/services/tax-reduction-planning-services) - [Business Entity Structuring and Transactions](https://www.richardcolombik.com/services/business-entity-structuring-and-transactions) - [Asset Protection](https://www.richardcolombik.com/services/asset-protection) - [Real Estate](https://www.richardcolombik.com/services/real-estate) - [Estate Planning](https://www.richardcolombik.com/services/estate-planning) - [Retirement Planning](https://www.richardcolombik.com/services/retiremen-plans) - [Company](https://www.richardcolombik.com/company) - [Insights](https://www.richardcolombik.com/articles) - [Contact](https://www.richardcolombik.com/contact) Search *Search* Search *Search* - [Welcome](https://www.richardcolombik.com) - [Services *Toggle Menu*](https://www.richardcolombik.com/services) - [IRS](https://www.richardcolombik.com/services/irs) - [Tax Reduction Planning Services](https://www.richardcolombik.com/services/tax-reduction-planning-services) - [Business Entity Structuring and Transactions](https://www.richardcolombik.com/services/business-entity-structuring-and-transactions) - [Asset Protection](https://www.richardcolombik.com/services/asset-protection) - [Real Estate](https://www.richardcolombik.com/services/real-estate) - [Estate Planning](https://www.richardcolombik.com/services/estate-planning) - [Retirement Planning](https://www.richardcolombik.com/services/retiremen-plans) - [Company](https://www.richardcolombik.com/company) - [Insights](https://www.richardcolombik.com/articles) - [Contact](https://www.richardcolombik.com/contact) [*Facebook*](https://www.facebook.com/people/Richard-M-Colombik-Associates-PC/100063841561075/) [*LinkedIn*](https://www.linkedin.com/in/richard-colombik-9717b56) [*Twitter*](https://twitter.com/rcolombik) # 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 #### [Subchapter J Federal Income Taxation of Estates and Trusts](https://www.richardcolombik.com/articles/subchapter-j-federal-income-taxation-of-estates-and-trusts) ![Picture of Richard M. Colombik](https://www.richardcolombik.com/hubfs/richard_colombik.jfif) [Richard M. Colombik](https://www.richardcolombik.com/articles/author/richard-m-colombik) : May 3, 2022 2:38:47 PM Federal taxation of estates, trusts and the beneficiaries thereof present unique and complex circumstances which are not addressed by the three... [Tax Planning](https://www.richardcolombik.com/articles/tag/tax-planning) [Read More](https://www.richardcolombik.com/articles/subchapter-j-federal-income-taxation-of-estates-and-trusts) #### [Tax Planning Under the New Law](https://www.richardcolombik.com/articles/tax-planning-under-the-new-law) ![Picture of Richard M. Colombik](https://www.richardcolombik.com/hubfs/richard_colombik.jfif) [Richard M. Colombik](https://www.richardcolombik.com/articles/author/richard-m-colombik) : May 3, 2022 2:37:33 PM Tax planning keeps twisting and turning in the wind. This is due to the our government blowing in the winds of change and trying to regulate how you... [Tax Planning](https://www.richardcolombik.com/articles/tag/tax-planning) [Read More](https://www.richardcolombik.com/articles/tax-planning-under-the-new-law) #### [Tax Tips-Highlights of New Tax Act](https://www.richardcolombik.com/articles/tax-tips-highlights-of-new-tax-act) ![Picture of Richard M. Colombik](https://www.richardcolombik.com/hubfs/richard_colombik.jfif) [Richard M. Colombik](https://www.richardcolombik.com/articles/author/richard-m-colombik) : May 3, 2022 2:36:55 PM On August 5th, 1997, President Clinton signed the Tax Relief Act of 1997. The majority of the changes apply for years beginning after December 31st,... [Tax Planning](https://www.richardcolombik.com/articles/tag/tax-planning) [Read More](https://www.richardcolombik.com/articles/tax-tips-highlights-of-new-tax-act) #### [Tax Tips-TCMP II The Fair Taxpayer Compliance Manual Project](https://www.richardcolombik.com/articles/tax-tips-tcmp-ii-the-fair-taxpayer-compliance-manual-project) ![Picture of Richard M. Colombik](https://www.richardcolombik.com/hubfs/richard_colombik.jfif) [Richard M. Colombik](https://www.richardcolombik.com/articles/author/richard-m-colombik) : May 3, 2022 2:36:16 PM **TCMP II – THE FAIR TAXPAYER COMPLIANCE MANUAL PROJECT** The Taxpayer Compliance Monitoring Program (TCMP) was terminated but has recently been replaced... [Tax Planning](https://www.richardcolombik.com/articles/tag/tax-planning) [Read More](https://www.richardcolombik.com/articles/tax-tips-tcmp-ii-the-fair-taxpayer-compliance-manual-project) #### [Tax Tips 8-29-02-Who Gets the Deduction](https://www.richardcolombik.com/articles/tax-tips-8-29-02-who-gets-the-deduction) ![Picture of Richard M. Colombik](https://www.richardcolombik.com/hubfs/richard_colombik.jfif) [Richard M. Colombik](https://www.richardcolombik.com/articles/author/richard-m-colombik) : May 3, 2022 2:35:31 PM Many closely held business owners, particularly of S corporation, sometimes forget that their S corporation is a separate tax paying entity. This can... [Tax Planning](https://www.richardcolombik.com/articles/tag/tax-planning) [Read More](https://www.richardcolombik.com/articles/tax-tips-8-29-02-who-gets-the-deduction) #### [What the IRS giveth the IRS taketh Away 107](https://www.richardcolombik.com/articles/what-the-irs-giveth-the-irs-taketh-away-107) ![Picture of Richard M. Colombik](https://www.richardcolombik.com/hubfs/richard_colombik.jfif) [Richard M. Colombik](https://www.richardcolombik.com/articles/author/richard-m-colombik) : May 3, 2022 2:34:09 PM In a prior column I wrote extensively on the usage of private annuities to sell one’s business, real estate or any large assets with the current... [Tax Planning](https://www.richardcolombik.com/articles/tag/tax-planning) [Read More](https://www.richardcolombik.com/articles/what-the-irs-giveth-the-irs-taketh-away-107) #### [When Is Compensation Reasonable](https://www.richardcolombik.com/articles/when-is-compensation-reasonable) ![Picture of Richard M. Colombik](https://www.richardcolombik.com/hubfs/richard_colombik.jfif) [Richard M. Colombik](https://www.richardcolombik.com/articles/author/richard-m-colombik) : May 3, 2022 1:33:31 PM A taxpayer is allowed a deduction for “a reasonable allowance for salaries or other compensation for services actually rendered.” IRC §162(A)(1). The... [Tax Planning](https://www.richardcolombik.com/articles/tag/tax-planning) [Read More](https://www.richardcolombik.com/articles/when-is-compensation-reasonable) #### [A Few Changes in Tax for Your Investments](https://www.richardcolombik.com/articles/a-few-changes-in-tax-for-your-investments) ![Picture of Richard M. Colombik](https://www.richardcolombik.com/hubfs/richard_colombik.jfif) [Richard M. Colombik](https://www.richardcolombik.com/articles/author/richard-m-colombik) : May 3, 2022 1:32:06 PM Have your filed your income tax return on time or did you extend it? In any event, you may have had an issue, with how to report your dividends as... [Read More](https://www.richardcolombik.com/articles/a-few-changes-in-tax-for-your-investments) #### [Are You Leaving Money on the Table?](https://www.richardcolombik.com/articles/are-you-leaving-money-on-the-table) ![Picture of Richard M. Colombik](https://www.richardcolombik.com/hubfs/richard_colombik.jfif) [Richard M. Colombik](https://www.richardcolombik.com/articles/author/richard-m-colombik) : May 3, 2022 1:31:19 PM Most small businesses, 500 employees or less are familiar with the Coronavirus Aid, Relief, and Economic Security, “CARES” Act, P.L. 116-136, which... [Tax Planning](https://www.richardcolombik.com/articles/tag/tax-planning) [Read More](https://www.richardcolombik.com/articles/are-you-leaving-money-on-the-table) #### [Substance- Over-Form or Just Good Tax Planning?](https://www.richardcolombik.com/articles/substance-over-form-or-just-good-tax-planning) ![Picture of Richard M. Colombik](https://www.richardcolombik.com/hubfs/richard_colombik.jfif) [Richard M. Colombik](https://www.richardcolombik.com/articles/author/richard-m-colombik) : May 3, 2022 1:30:32 PM In Summa Holdings, Inc. v. Comm'r, T.C. Memo 2015-119, the 6th Circuit Appellate court has partially put a leash on the IRS Commissioner to argue... [Tax Planning](https://www.richardcolombik.com/articles/tag/tax-planning) [Read More](https://www.richardcolombik.com/articles/substance-over-form-or-just-good-tax-planning) [Prev](https://www.richardcolombik.com/articles/author/richard-m-colombik/page/3) [1](https://www.richardcolombik.com/articles/author/richard-m-colombik/page/1) [2](https://www.richardcolombik.com/articles/author/richard-m-colombik/page/2) [3](https://www.richardcolombik.com/articles/author/richard-m-colombik/page/3) [4](https://www.richardcolombik.com/articles/author/richard-m-colombik/page/4) [5](https://www.richardcolombik.com/articles/author/richard-m-colombik/page/5) [Next](https://www.richardcolombik.com/articles/author/richard-m-colombik/page/5) ##### Contact Information **Richard M. Colombik & Associates, P.C.** Award-winning law firm   1701 E. Woodfield Rd. 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