--- title: Articles | Richard M. Colombik (5) 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 (5)" 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 #### [Tax Planning Under the New Law](https://www.richardcolombik.com/articles/tax-planning-under-the-new-law-1) ![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 1:28:09 PM Tax planning keeps twisting and turning in the wind. This is due to 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-1) #### [Talking to the Boss](https://www.richardcolombik.com/articles/talking-to-the-boss) ![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 1:27:34 PM Year End Tax Planning: The year is almost over, therefore, you must act before yearend to address your tax issues. What can you do? Take a look at... [Tax Planning](https://www.richardcolombik.com/articles/tag/tax-planning) [Read More](https://www.richardcolombik.com/articles/talking-to-the-boss) #### [Barter Travel Awards](https://www.richardcolombik.com/articles/barter-travel-awards) ![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 1:26:44 PM The purpose of this article is to discuss the tax treatment of barter, and its relationship to sales incentive and travel awards, in particular.... [Barter](https://www.richardcolombik.com/articles/tag/barter) [Read More](https://www.richardcolombik.com/articles/barter-travel-awards) #### [You Figure It Out!](https://www.richardcolombik.com/articles/you-figure-it-out) ![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 1:25:35 PM As I write this version of an investment report, I have just finished reviewing four economists viewpoints and, just like four experienced attorneys... [Tax Planning](https://www.richardcolombik.com/articles/tag/tax-planning) [Read More](https://www.richardcolombik.com/articles/you-figure-it-out) #### [Offshore Trusts](https://www.richardcolombik.com/articles/offshore-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 1:24:04 PM I. Introduction - An offshore trust is a primary legal tool involved in offshore planning. The offshore trust is generally a “self-settled trust.”... [Asset Protection](https://www.richardcolombik.com/articles/tag/asset-protection) [Read More](https://www.richardcolombik.com/articles/offshore-trusts) #### [Debt vs. Equity?](https://www.richardcolombik.com/articles/debt-vs.-equity) ![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 2, 2022 9:38:00 PM How is your practice set up? Is it a C corporation, or a flow through entity, S corporation, Limited Liability, or Partnership? Or are you a sole... [Investments](https://www.richardcolombik.com/articles/tag/investments) [Read More](https://www.richardcolombik.com/articles/debt-vs.-equity) #### [Tax and Trust Fund Issues](https://www.richardcolombik.com/articles/tax-and-trust-fund-issues-1) ![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 2, 2022 9:34:00 PM IRC §6672 reads as follows: Any person required to collect, personally account for, and pay over any taxes owed by this title who willfully fails to... [Tax Defense](https://www.richardcolombik.com/articles/tag/tax-defense) [Read More](https://www.richardcolombik.com/articles/tax-and-trust-fund-issues-1) #### [Asset Protection Trusts That Really Work](https://www.richardcolombik.com/articles/asset-protection-trusts-that-really-work) ![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) : Apr 13, 2022 8:13:56 PM Many commentators have come out and advised various parties that foreign asset protection trusts really do not work. The reality is they do! A... [Read More](https://www.richardcolombik.com/articles/asset-protection-trusts-that-really-work) #### [Asset Protection Sought By Big Six Accounting Firms](https://www.richardcolombik.com/articles/asset-protection-sought-by-big-six-accounting-firms) ![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) : Apr 13, 2022 7:05:21 PM Offshore Asset Protection Trusts are becoming the rage of the nineties. The setting up of an Asset Protection Trusts involves the initial structure... [Read More](https://www.richardcolombik.com/articles/asset-protection-sought-by-big-six-accounting-firms) #### [Fighting IRS audits Interview](https://www.richardcolombik.com/articles/richard-colombik-interviewed-by-a-reporter-from-sams-club-for-an-article-on-fighting-irs-audits) ![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) : Apr 13, 2022 6:59:23 PM Richard M. Colombik, JD, CPA was recently interviewed for the Sam’s Club magazine on what triggers IRS audits. Mr.. Colombik a recognized... 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Suite #327, Schaumburg, IL 60173 Phone: [(630) 250-5700](tel:(630)%20250-5700) Fax: [(847)-908-8136](fax:8479088136) Email: [rcolombik@colombik.com](mailto:rcolombik@colombik.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) [![RMC-logo-white-gold](https://www.richardcolombik.com/hubfs/branding/RMC-logo-white-gold.svg)](https://www.richardcolombik.com) - [Terms of Use](https://www.richardcolombik.com/terms-of-use) - [Privacy Policy](https://www.richardcolombik.com/privacy-policy) © 2026 Richard M. 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