 |
Is it worth the
cost to maintain your active CPA status? What will going 'inactive' mean
for you professionally? How do you use the designation if you switch?
CPAs often have many questions when they consider active or inactive
status. Use this chart to compare the costs,
effort, benefits and disadvantages of being an active or inactive CPA in Minnesota.
| |
Active Status |
Inactive Status |
| Required status |
- CPAs who prepare tax returns for a public accounting firm
with a CPA firm permit
- CPAs who issue compilation reports other than through a CPA
firm
- CPAs employed by the Office of the Legislative Auditor or
State Auditor
»
See BOA rule 1105.2500 |
- Sufficient if preparing a small number of returns each year
|
| Cost |
- $45 annual certificate renewal fee to Minnesota Board of
Accountancy (BOA) by December 31
|
- $10 annual certificate renewal fee to Minnesota
Board of Accountancy (BOA) by December 31
- No change in MNCPA dues for inactive status
|
| Requirements |
- Minimum of 20 CPE hours annually
- 120 CPE
hours every 3 years, including 8 hours of ethics
- Maintain records of completed CPE credits
- CPE courses must comply with BOA rules
»
View current CPE rules
|
- State 'inactive' when
using CPA credential
- Renew annually with
Minnesota BOA
- No CPE credits required
- Must return to active status to use CPA without 'inactive' modifier
» View steps to convert to active
|
| Advantages |
- Display you are qualified professional
- Promote strong technical, personal and ethical skills using CPA designation
- Mitigate risk for your clients or company with current knowledge of regulations and trends
- Increase your marketability and job opportunities. Salary
can increase as much as 10% with CPA credential
- Be more qualified to use 'CPA' in other states, as active
certificate is more substantially equivalent
|
- No required educational costs
- No restrictions on format or topic of
educational programs you choose to attend, such as company-led
training
|
|
Disadvantages |
- Increased costs to maintain CPA
certificate
- Time away from office necessary to attend live CPE courses
|
- Public confusion over
validity of CPA credential by using 'inactive' modifier
- Potentially outdated skills or management practices without
continued classroom training
- May not be eligible to use 'CPA, inactive' in other states
with no substantial equivalency
|
Questions?
The Minnesota Society of CPAs
does not manage CPA certificates in Minnesota.
For specific information regarding CPA
certificates, contact the
Minnesota Board of
Accountancy.
|
Related MNCPA resources
Track your CPE and verify you're in compliance
MNCPA members can keep track of CPE credits in one place. This
helpful log automatically enters MNCPA courses and allows you to
enter CPE programs taken from other vendors so you be sure you're in
compliance with CPE rules.
Join the MNCPA
and save on education
MNCPA members enjoy special rates on CPE courses and products.
CPE options
Choose from hundreds of programs offered by the MNCPA, including
live courses, self-study, webcasts and more.
|
