Succession Planning, Engagement Letters & Ethics

The first four hours of this course is an introduction to succession planning for all businesses. The course defines succession planning and details its advantages. The critical need for succession planning in today’s environment is presented. As part of the course, the three types of succession planning are introduced. The course delves into some of the unique aspects of succession planning specific to (1) family businesses, (2) small business founders, (3) partnerships, and (4) other large and small businesses. Barriers to succession planning and implementation of the plans are discussed. Course participants also learn from examples of businesses in which succession
planning was done poorly or done well. This course will help inform the class participants in considering succession plans for their businesses as well as those of their clients.

Two hours of this seminar will cover the importance of engagement letters to the tax practitioner. Several key topics of individual income taxes are presented with explanations as to why tax
practitioners should directly address these topics in written engagement letters.

The final two hours of this seminar will cover ethics.