Well, hello, June 30!
Anne Janotta Erickson, MNCPA membership marketing team leader | May 2021 Footnote
Editor's note: Updated April 30, 2021
June 30 is coming in hot, both literally (well, hello summer!) and figuratively (well, hello CPE deadline!).
We’re going to trust your summer plans are shaping up nicely and focus our attention on the Minnesota Board of Accountancy’s (BOA) CPE deadline.
First, the rules:
BOA rules state that active CPAs must maintain 120 CPE credits per rolling three-year reporting period. This year, that reporting
period is July 1, 2018, through June 30, 2021.
The required 120 credits must be made up of at least:
- 20 CPE credits per CPE year (July 1–June 30).
- 8 ethics credits (regulatory/behavioral) per reporting period.
- 60 technical credits per reporting period.
Tell me more
The three bullets noted above provide the basic framework for earning CPE, but there are also minimums required on certain types of credits. This includes 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 each 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.
How could we forget, right? The BOA’s CPE deadline extension from June 30 to Sept. 30 was one of many that impacted the CPA profession.
You didn’t have to take the BOA up on using this deadline extension. But, if you did (you were required to make that determination on your submitted renewal), remember that you can’t use those July 1-Sept. 30 credits for CPE Fiscal Year 2021 (July 1, 2020–June 30, 2021).
What if I’m short on credits for this CPE year?
If the June 30 deadline passes and you realize you’re short on CPE, the best course of action 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.
Does the June 30 deadline apply to me?
If you hold an inactive CPA certificate, the answer is no.
That’s because inactive certificate holders do not have a CPE requirement. However, you need to renew your CPA certificate by Dec. 31.
Prepping for a certificate status change? Then the answer is yes.
Active CPAs interested in changing status must comply with CPE rules.
The Minnesota BOA regulates the CPA profession. They can be reached at 651-296-7938 or www.boa.state.mn.us
The MNCPA is here to answer your CPE deadline and reporting questions. Reach us at 952-831-2707 or email@example.com.
Or visit www.mncpa.org/cperules
for more information.
Tracking your CPE is a breeze with the CPE Log
Prepare for the BOA’s June 30 deadline with help from the CPE Log. This members-only tool tracks your credits and alerts you to potential noncompliance issues. Ready to report your CPE to the Minnesota Board of Accountancy? Access the BOA CPE summary for a mirror-image view of your credit totals.
But wait: The CPE Log keeps getting better! Enhancements to this online tool will soon allow you to:
- Manage carryback hours.
- Edit MNCPA course records.
- Add documentation, including certificates of attendance.
Learn more at www.mncpa.org/CPELog