CPA Firm and Sole Proprietor Permit Renewal
Updated Feb. 26, 2021
Firm permit renewal
Firm permit renewal is an annual requirement through the Minnesota Board of Accountancy (BOA).
Deadline: Dec. 31
CPA firm permit renewal form
All CPA owners must be in compliance with their individual certificates for the firm permit to be valid. Two-thirds of said owners must be in compliance on Jan. 1 and 100% in compliance within 60 days of their license expiring or the firm permit will be automatically revoked.
The BOA defines owners as:
- Managers (BOA Statute 326A.01 Subd. 10 specifies manager of a limited liability company)
Revocation is automatic
Once a firm receives final notification of revocation, it’s too late to renew simply by completing the required forms.
Rescinding revocation will not be quick and easy. It's a process that requires action by the full board and cannot be completed administratively, during which time your firm will not be able to operate.
Avoid firm permit issues
Failing to properly maintain a firm permit is a liability risk for your firm. Use these tips to avoid issues.
Encourage your firm’s CPAs to renew early.
Not only does this help ensure compliance at the individual level, but it’s necessary for proper firm permit renewal, too.
If possible, have CPAs renew online before renewing your firm's permit. Online renewal is faster and reduces risk for error. If you submit multiple paper individual certificate renewals under one check, even one incomplete form will cause all the renewals to be considered incomplete.
Update your firm’s roster.
Include an updated firm roster with the firm’s annual permit renewal form. A CPA owner who leaves a firm but fails to renew properly will impact your firm’s permit if they are still listed on the roster. Pay close attention to CPAs who have retired since last year’s renewal.
Did you know that CPA certificate statuses are public information? Visit the Find a CPA section of the BOA’s website to confirm that you or others in your firm have renewed properly.
Sole proprietor firm permit renewal
A firm permit is needed if you:
- Provide attest services and issue attest reports.
- Issue compilation reports.
- Use the title 'Certified Public Accountant' or 'Certified Public Accountants'; the abbreviation 'CPA' or 'CPAs'; or any other title, designation, words, letters, abbreviation, sign, card or device tending to indicate the entity is a CPA firm.
Sole proprietor firm permit renewal form
Sole proprietors in Minnesota must have a firm permit, even if they are not doing compilations, audits or reviews.
The BOA can take action against you if you're found violating BOA rule 1105.4200. This also poses a potential liability risk for your firm.
Initial firm permit
First-time applicants should register for a firm permit by completing the proper firm permit application through the BOA.
Access firm permit applications
Contact the BOA at 651-296-7938 with questions regarding firm permit renewal.
Make the MNCPA your resource. Contact MNCPA customer service at 952-831-2707 or email@example.com with questions.