--- title: Articles (4) description: Richard Colombik. Richard M. Colombik & Associates, P.C. is a law firm concentrating in Strategic Tax Planning, Asset Protection, Business Entity (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) # Latest insights #### Focused on strategic tax planning, asset protection, and complex business and estate tax planning. Filter by Tag All Tax Planning Corporate & LLC Investments Press Release Tax Defense Tax Update announcement Asset Protection Barter Charitable Estate Planning Retirement Plans #### Stay in the know #### [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/page/3) [1](https://www.richardcolombik.com/articles/page/1) [2](https://www.richardcolombik.com/articles/page/2) [3](https://www.richardcolombik.com/articles/page/3) [4](https://www.richardcolombik.com/articles/page/4) [5](https://www.richardcolombik.com/articles/page/5) [Next](https://www.richardcolombik.com/articles/page/5) ##### Contact Information **Richard M. Colombik & Associates, P.C.** Award-winning law firm   1701 E. Woodfield Rd. 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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