Welcome to retirement! Ensure your CPA certificate is good to go
BOA Business
Anne Janotta Erickson, MNCPA membership marketing team leader | April 2021 Footnote
Editor's note: Updated March 31, 2021
For some Minnesota CPAs, April 16 marks the end of their last busy season and the first day of retirement. Congratulations! You’ve earned it.
But you also earned your CPA certificate. Those three letters mean so much to you both professionally and personally, making a certificate status change hard to fathom in retirement.
Fortunately, the Minnesota Board of Accountancy (BOA) allows retired CPAs to request a retired certificate status. This low-maintenance option is ideal for those interested in remaining connected to the accounting profession without any certification deadlines going forward.
Before you settle into retirement, take the appropriate steps to ensure your CPA certificate is squared away for the long haul.
Step 1: Determine if you’re eligible
To qualify for the BOA’s retired status, you must:
- Be 55 years old or older.
- Hold an active or inactive CPA certificate in good standing.
- Declare that you’re not practicing public accounting in any jurisdiction.
Who does not qualify for retired status?
Firm owners
CPA firm ownership requires an active CPA certificate. Therefore, you can’t hold a retired CPA certificate and continue to own a firm. Notify the BOA of any ownership changes.
Sole proprietors
Similarly, an active CPA certificate is required to hold a sole proprietor permit. Therefore, you can’t hold a retired CPA certificate and continue as a CPA sole proprietor. Notify the BOA in writing of the dissolution of the sole proprietorship.
Step 2: Request retired status
Once you’re sure you meet the eligibility requirements for a retired CPA certificate, go ahead and request a status change through the BOA.
Do this via the BOA’s Retired Status Request form, available online. Once filled out and signed (digital signatures are not allowed), submit this form via mail or email to the BOA.
If you took CPE for the current year and want it on record with the BOA, you’ll want to report your credits before requesting retired status.
Step 3: Use the retired status correctly
Once your retired status is secured, you can no longer hold yourself out as a CPA in any way. You also can’t perform any work that requires an active CPA certificate.
But, you can display your CPA retired status. A few options include:
- Certified Public Accountant — Retired
- CPA — Retired
- Retired Certified Public Accountant
- Retired CPA
Step 4: Enjoy retirement!
Ready for the good news? Once your CPA certificate status is set to retired, there’s no annual CPE or certificate renewal requirements going forward. There’s also no cost to maintaining retired status.
Uh-oh …
… I spoke too soon.
Should you decide to convert your retired certificate to active or inactive in the future, you will need to complete the BOA’s Application for Reinstatement form.
… I confused the BOA with the MNCPA.
It happens. Know that the BOA and MNCPA are two separate organizations.
The BOA:
- Offers a retired CPA certificate status.
- Certifies all Minnesota CPAs.
- Regulates the CPA profession.
The MNCPA:
- Offers a retired membership rate for CPAs working fewer than 200 hours annually.
- Offers membership to CPAs and accounting professionals.
- Supports the CPA profession through education, networking and advocacy efforts.
Questions?
Contact the BOA at 651-296-7938 or www.boa.state.mn.us.
The MNCPA is here to answer questions. Contact us at 952-831-2707 or customerservice@mncpa.org. Or visit
www.mncpa.org/retired for more information on the BOA’s retired certificate status.
RELATED RESOURCES
MNCPA Disaster and Pandemic Planning Resources Page
www.mncpa.org/pandemic-planning
The MNCPA has compiled a list of resources to help organizations face the many challenges related to COVID-19. Bookmark this page and visit it frequently for updates.
Among the resources is an archived webinar, “
COVID-19 Guidance for Employers: Steps to Take Now.” HR expert Larry Morgan and attorney Phyllis Karasov discuss steps you should take now as your business deals with the COVID-19 outbreak.
