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BOA extends CPE reporting period

BOA Business

Anne Janotta Erickson, MNCPA senior business & industry marketing coordinator | June/July 2020 Footnote

Editor's note: Updated May 29, 2020

Normally, you’d be right to associate the month of June with the Minnesota Board of Accountancy’s CPE deadline. But this isn’t a normal year, is it?

The BOA took steps at its April 30 meeting to address just how not normal things are due to the COVID-19 pandemic. This includes extending the CPE deadline from June 30 to Sept. 30, 2020.

While deadlines have changed, the rules surrounding CPE have not. Keep reading for the full scoop.

Changes to know

According to the BOA:
  • Licensees may use CPE earned after June 30 but prior to Oct. 1, 2020, to meet the CPE requirements for the 2021 license renewal period, without accruing late earning (CPE noncompliance) fees.
  • The extension is an accommodation to those who need it, not a requirement for those who don’t. Licensees who will have earned all hours needed for CPE fiscal year 2020 by June 30 need only report those hours, not those earned during the extension period, for fiscal year 2020 and their 2021 renewal.
  • CPE hours earned after June 30, 2020, but prior to Oct. 1, 2020, may only be claimed once: either FY20 or FY21, depending upon the needs of the licensee.
  • CPE late earning fees will begin accruing on carryback hours (CPE earned after Sept. 30, 2020) reported on or after Oct. 1, 2020. CPE must be reported by no later than Dec. 31, 2020, or at the time of renewal — whichever is first — or late reporting fees will accrue. Licensees must be in compliance with CPE requirements in order to renew.
  • Licensees do not need to request this extension; no action is required at this time.

What’s still the same

Active CPAs must still earn 120 CPE credits per three-year reporting period. There’s also no change to the types of credits required or the delivery formats in which they can be earned.

In short, you must earn at minimum:
  • 20 CPE credits per CPE year.
  • 8 ethics credits (regulatory/behavioral) per reporting period.
  • 60 technical credits per reporting period.
Visit www.mncpa.org/CPErules for more CPE credit specifics.

Earning CPE at home?

Many CPAs have turned to virtual CPE options to fulfill their annual requirement. This is all good, provided you know the rules.

There’s no limit to how many credits you can earn from webinars or virtual events provided the course sponsor is NASBA approved for group internet-based delivery formats (which the MNCPA is!).

Self-study is a convenient way to earn CPE, too, but make sure you don’t rely solely on this format. The BOA requires at least 24 credits per three-year reporting period to come from group live, group internet-based or blended learning programs.

Don’t forget about Dec. 31

The BOA has not extended the Dec. 31 deadline for CPE reporting, CPA certificate renewal and firm permit renewal. Missing this deadline will place you out of compliance with the BOA.

Questions?

CPE rules are determined by the Minnesota BOA. Reach them at 651-296-7938 or www.boa.state.mn.us.

Rely on the MNCPA for CPE reporting answers. We can be reached at 952-831-2707 or customerservice@mncpa.org.