MNCPA PERSPECTIVES

You can never be reminded enough: Renew your CPA certificate

December 13, 2018  |  Stephanie Schmidt

You can never be reminded enough: Renew your CPA certificate

A little more than a month ago, my birthday came and went -- along with my valid driver’s license.

I had gotten the postcard in the mail reminding me that it was time to renew my license. I even had it displayed on my glass whiteboard at home so I wouldn’t miss it. But, fall is typically the busiest time of year for me at work and at home. The autumn months slipped away and I flat-out missed the deadline.

While not ideal, easy enough to fix, right? I soon found out that wasn’t the case.

I suffered through the long line at the DMV only to be DENIED a new license. It turns out there had been a rule change that I knew nothing about, causing my license to be out of compliance. What was supposed to be a quick trip to the DMV turned into a wild goose chase around Minneapolis: three visits to the Social Security office, one visit to a nearby hospital for medical records and one more visit to the DMV. Fast forward a few weeks and I once again had a valid driver’s license in my possession.

This process made me realize why we communicate, communicate, communicate information to members. We constantly send reminders out about renewing and reporting so you don't find yourself out of compliance.

So, please take this reminder as an attempt to make sure you CPAs out there don’t find yourself on a wild goose chase come Jan. 1.

Certificate renewal

All CPAs, whether active or inactive, must renew their certificate by Dec. 31, 2018.

If you miss this deadline, you'll be out of compliance and required to pay a fee to bring your certificate back into proper status. For CPAs in public accounting, renewing late could also create a liability risk for you and your firm due to your delinquent certificate status

Learn more about CPA certificate renewal

CPE reporting

All active CPAs must report their CPE annually to the BOA by Dec. 31. Report for the three-year period of July 1, 2015, through June 30, 2018. Inactive CPAs do not have a CPE reporting requirement.

Remember, CPE rules have changed since the last reporting and renewal period.

Learn more about CPE reporting

Understand CPE rules changes

Further, if you earned your initial Minnesota CPA certificate in 2018, your CPE reporting deadline is determined by the date your certificate was issued.

Understand your first-year certification requirements

Firm permit renewal

Firm permits must be renewed by Dec. 31, 2018.

While all CPAs have to renew their individual certificates by Dec. 31, a firm's permit is tied to the following individual certificate holders who work at the firm:

  • By Jan. 1, 2019, two-thirds of a firm’s CPA owners, partners, shareholders, members, managers, directors and officers must have renewed and reported.
  • By March 1, 2019, 100 percent of the CPAs noted above must be compliant.

Firms out of compliance on March 1 will have their firm permit automatically revoked.

Understand firm permit renewal

Reminders like this are a benefit of MNCPA membership. But we’re here to help one-on-one as well. If you have any questions, please reach out to the MNCPA anytime at 952-831-2707 or customerservice@mncpa.org.

I wish someone had communicated to me the changes that affected my driver’s license. I still would have had to do the leg work along with making some new BFFs at the Social Security office, but I would have had a valid driver’s license while doing so.

Topics: Professional Certification

Stephanie Schmidt

Stephanie Schmidt is the MNCPA director of membership and marketing. For more than 10 years, she has expertly managed numerous member programs and events. Her skillset comes in handy when also planning sleepovers and birthday parties for her family. Stephanie has also earned the MNCPA’s unofficial title of office fashionista. Step into her office and you’ll see her knack for fashion, design and décor. She’s also a hugger, which you’ll appreciate if you’re ever trapped in a scary escape room with her. Stephanie can be reached at 952-885-5523 or sschmidt@mncpa.org.

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