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Carrying credits back? We’ve got your back

BOA Business

Anne Janotta Erickson, MNCPA membership marketing team leader | June/July 2022 Footnote

Editor's note: Updated May 25, 2022

This issue of Footnote — yes, the one you’re reading right now — presents an interesting timing dilemma. You see, the Minnesota Board of Accountancy’s June 30 CPE deadline falls right in the middle of this issue’s shelf life.
 
So, for the purpose of this article, let’s assume it’s July 1. A fresh CPE reporting year is upon us, and you’re busy basking in the glow of a blank slate of CPE possibilities. And then — whoops — you realize you’re short CPE credits for the CPE year that just ended.
 
Deep breath in. And out.
 
There’s no need to panic. We’ve got your back. Keep reading for details on carrying back CPE credit.

Carryback from 10,000 feet

The Minnesota Board of Accountancy (BOA) allows active CPAs to apply credits earned after June 30 to satisfy the requirements of the prior CPE reporting period. These are known as carryback credits.

How to carryback

While fixing a CPE shortage isn’t the end of the world, it’s still a compliance mishap. Don’t delay; the noncompliance fees add up.
 
Expect to pay a noncompliance fee of $50 for the first month, or partial month of noncompliance and $25 per month, or partial month, of noncompliance thereafter. The fees end once you’ve earned enough CPE and provided documentation of compliance (the certificates of completion from your courses) to the BOA. 

No double-dipping

Just like the chips and guacamole at your Fourth of July celebration, there’s no double-dipping allowed when it comes to carryback credits. This means you aren’t allowed to carryback hours to the prior CPE year and then reuse them for the current CPE year. It’s up to you to properly track your hours and apply them to the correct CPE year.

Can I work ahead?

No. Carrying CPE forward to the next reporting year isn’t allowed.

Questions?

Turn to the Minnesota BOA for questions about CPE reporting or CPA certification. They can be reached at 651-296-7938 or www.boa.state.mn.us.
 
We’re here to help! MNCPA members are always invited to call us with questions at 952-831-2707 or customerservice@mncpa.org.
 
Are you ready for June 30?
As a friendly reminder, June 30 marks the end of the current CPE year.
Active CPAs need to earn 120 CPE credits, including 8 ethics credits, for the CPE reporting period of July 1, 2019, through June 30, 2022.

Visit www.mncpa.org/cperules for more information. 

Track carryback in the CPE Log
www.mncpa.org/cpelog
Did you know that you can track carryback credits within the MNCPA CPE Log? This handy feature makes it easy to manage CPE credits across CPE years.

Ready to report your CPE to the Minnesota Board of Accountancy? The CPE Log’s BOA summary simplifies reporting, too!