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Am I eligible for the BOA’s retired status?

BOA Business

Anne Janotta Erickson, MNCPA membership marketing team leader | June/July 2023 Footnote

Editor's note: Updated May 30, 2023

The CPA credential is a badge of honor. Not only did you earn the right to use those three letters, but you maintained that right throughout your career.

Being a CPA will always be important to you. That’s true for your role today and in retirement tomorrow.

The Minnesota Board of Accountancy (BOA) recognizes this and wants to help retired CPAs remain connected to the accounting profession through a retired certificate status. CPAs that meet specific qualifications can request this status change.

Is retired status right for you? Let’s find out.

Am I eligible?

You must meet the following requirements to qualify for the BOA’s retired status:
  • Be 55 years old or older.
  • Hold an active or inactive CPA certificate that’s in good standing.
  • Declare that you’re not practicing public accounting in any jurisdiction.

All signs point to yes!

If you can answer yes, yes and yes to the bullets above, you’re eligible for the BOA’s retired status. Congrats!

Download and complete the BOA’s Retired Status Request form via the BOA’s website and send it to the BOA.

Ready for the best part? Retired status is free, as long as your certificate did not expire during the last renewal period, and there’s also no annual CPE or certificate renewal requirements.

Report and then retire?

Report any CPE credits earned in the current reporting year through the BOA website if you want them on record with the BOA. Do this before requesting retired status.

What if I change my mind?

You can convert your retired certificate to active or inactive by completing the BOA’s Application for Reinstatement form.

Retired status no-go

Retiring from your day job doesn’t necessarily mean you qualify for the BOA’s retired status. Here are four reasons your retired status request may be denied:
  1. Firm ownership. Owning a CPA firm requires an active CPA certificate.
  2. Sole proprietorship. You need an active CPA certificate to hold a sole proprietor permit.
  3. Practicing in another jurisdiction. You can’t hold a retired certificate in Minnesota and practice public accounting in a different state.
  4. Your certificate is not in good standing. If your license has expired and you missed more than one Dec. 31 renewal deadline (for example: expired 12/31/2020 or 12/31/2021 and it is now 2023), you must first get your license back in good standing by completing the prior renewal(s) before requesting retired status.

Does the MNCPA have a retired status, too?

We sure do! Retired members working fewer than 200 hours annually qualify for a special membership rate. Call us at 952-831-2707 to learn more.

Questions?

Contact the BOA with questions about your CPA certificate at 651-296-7938. Or visit them online at www.boa.state.mn.us.

We’re here to help! Contact the MNCPA at 952-831-2707 or customerservice@mncpa.org. Or visit www.mncpa.org/retired to learn more about the BOA’s retired certificate status.
 

Don’t forget: Your CPE year ends 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, 2020, through June 30, 2023.

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