Automatic CPA certificate revocation is a thing of the past
August/September 2022 Footnote
Editor's note: Updated July 28, 2022
Score one for the MNCPA’s advocacy efforts!
During the 2022 legislative session, we made it our mission to change the statute surrounding the Minnesota Board of Accountancy’s (BOA) automatic revocation statute. Legislators agreed and Gov. Walz signed it into law in late May.
This is a good change for the accounting profession. It’s a tangible example of how the MNCPA is always looking out for the best interests of our members.
First, a bit of background
Prior to May 2022, BOA statutes required the board to automatically revoke active and inactive CPA certificates that had not been renewed for two consecutive years.
A revoked certificate could be reinstated, allowing the CPA to resume practicing. But the CPA’s licensing file would always indicate that the certificate had been revoked at one time.
What’s more, the BOA’s revoked status did not specify or differentiate reasons for revocation. This meant that committing a serious crime, like fraud or embezzlement, could lead to the same revoked status as failing to renew. The only way to tell the difference would be by reviewing the Order on the BOA’s website.
Expired, not revoked
The BOA no longer revokes CPA certificates that haven’t been renewed for two years.
Instead, missing the BOA’s renewal deadline (Dec. 31) will result in an expired CPA certificate. You are still out of compliance and cannot hold yourself out as a CPA until you have renewed.
Late certificate renewal includes a $50 delinquency fee per year of nonrenewal, in addition to a renewal fee.
Anyone reporting CPE after Dec. 31 will also have to pay CPE late fees. These fees do accrue monthly, so don’t delay.
Certification status remains searchable via the BOA’s website. This means anyone can see if your CPA certificate is expired.
What if my certificate was already revoked?
Previously revoked CPA certificates remain just that, revoked.
If you find yourself in this situation and your certificate was revoked for nonrenewal, know that it can be reinstated to active or inactive status any time during the year.
Begin by submitting the Reinstatement Application to the BOA. This application will be reviewed by the BOA Board at their board meeting. If approved, a stipulation and consent order will be sent, providing specific next steps regarding CPE and fees.
Once requirements are met and fees paid, your certificate will be reinstated. Upon approval, your CPA certificate will be good to go until it expires on Dec. 31 of the current year.
CPA certificates are issued and regulated by the Minnesota BOA. They can be reached at 651-296-7938, or visit the BOA online at www.boa.state.mn.us
The MNCPA is here to help you, and all members, understand CPA certification rules. Contact us at 952-831-2707 or firstname.lastname@example.org