The 411 on earning 120 by 6/30
May 2019 Footnote
Editor's note: Updated April 29, 2019
Are you looking for an easy way to remember your annual CPE deadline? How about this: 120 by 6/30.
Succinct? Yes. Accurate? Sure, but like any of the Minnesota Board of Accountancy’s (BOA) rules, there’s a bit more to it than this simple mnemonic device suggests.
Let’s dig deeper.
What are the rules?
Active CPAs, keep reading. Considering a certificate status change or retirement? You should keep reading, too.
You must maintain 120 CPE credits per rolling three-year reporting period. The 2019 reporting period is July 1, 2016, through June 30, 2019.
In addition to earning 120 CPE credits, you must earn at minimum:
- 20 CPE credits per CPE year (July 1–June 30).
- 8 ethics credits (regulatory/behavioral) per reporting period.
- 60 technical credits per reporting period.
What types of CPE can I take?
Pay attention to the types of CPE you’re taking because there are minimums required on certain types of credits, including group/blended learning (24 credits required) and credits from approved sponsors (72 credits required). Teaching and writing credits are limited to a maximum of 60 credits per reporting period.
Active CPAs must earn 60 technical credits per three-year reporting period. Nontechnical credits, including personal development, are not limited, provided you meet your technical credit requirement.
Remember, CPE rules changed Jan. 9, 2018. The BOA reclassified credits already reported in fiscal year 2017, excluding personal development, to technical CPE. Credits earned after the rules changed must comply with those new rules.
When do I report?
CPE reporting, like certificate renewal, is an annual obligation. The CPE year may end June 30, but you have until Dec. 31 to report your credits online to the BOA.
Oops. I’m short on credits. Now what?
If the June 30 deadline has come and gone and you realize you’re short on CPE, the best action you can take is to visit the BOA’s website. Instructions addressing CPE noncompliance are available at boa.state.mn.us/cpe.html
Don’t delay. The longer your CPE is out of compliance, the more you will pay to fix the issue.
I’m inactive. What do I need to do?
Inactive CPAs do not have a CPE reporting requirement. But you do need to renew your CPA certificate annually by Dec. 31.
I plan to go inactive or exempt. What do I need to know?
Active CPAs interested in going inactive or exempt must comply with CPE rules in order to change their status. Complete the CPE period ending June 30, 2019, and report your credits when you make your license status decision during the fall renewal window (deadline: Dec. 31). Your status change will be effective Jan. 1, 2020.
This also applies to retiring CPAs interested in going inactive or exempt.
CPE rules are set by the Minnesota BOA. They can be reached at 651-296-7938.
The MNCPA is here to help. Reach out anytime with questions about CPE reporting. Contact MNCPA customer service at 952-831-2707 or firstname.lastname@example.org. Or learn more at www.mncpa.org/rules