Renewing and reporting is all you
November 2019 Footnote
Editor's note: Updated October 31, 2019
Earning your CPA certificate was all you. Sure, there were supporters rooting you on from the sidelines. But, at the end of the day, it was your responsibility to hit the certification milestones.
That responsibility doesn’t end once you’re a CPA holder. Your CPA certificate is a piece of property that you must protect and maintain.
You. Not your assistant. Not your spouse. Not your colleague down the hall. You.
The Minnesota Board of Accountancy (BOA) requires CPAs to renew and report annually by Dec. 31. Part of this process involves affirming that you’ve read the application and that the statements within are true and complete.
That means you have a deadline coming up. Here’s what you need to know.
CPA certificate renewal
You must renew your active or inactive CPA certificate by Dec. 31.
Renewing online is advised. Why? Because it’s faster and easier. But, for those who prefer paper, a downloadable form is available on the BOA’s website.
2020 CPA certificate costs:
New CPAs certified in 2019:
Your initial Minnesota certificate expires Dec. 31, 2019. Make plans to renew by year’s end.
July 1, 2016, through June 30, 2019
Active CPAs, including those planning to switch to another status, must report their CPE annually to the BOA. Inactive CPAs don’t have a reporting requirement.
You’re required to maintain 120 CPE credits, including 8 ethics credits, within every rolling three-year period. At a minimum, you need to take 20 credits each CPE year.
New CPAs certified in 2019:
You do not have CPE to report this year. Your first CPE year starts based on when you earned your initial CPA certificate.
- If you were certified between Jan. 1, 2019, and June 30, 2019, your CPE year began July 1, 2019. Report your CPE for the first time by Dec. 31, 2020.
- If you were certified between July 1, 2019, and Dec. 31, 2019, your CPE year will start July 1, 2020. Report your CPE for the first time by Dec. 31, 2021.
Oh no! I missed a deadline
Mistakes happen. Here’s the scoop should you miss a BOA deadline.
CPA certificate renewal:
The deadline is Dec. 31. Late renewals are assessed a $50 late-renewal fee. But, bigger than that, CPAs who renew late cannot perform public accounting work or use the CPA designation until their CPA certificate is in proper standing.
Note: The BOA revokes active and inactive CPA certificates that have not been renewed for two consecutive years.
The deadline to earn the hours is June 30 and the deadline to report them is Dec. 31.
Carryback credits earned after June 30 or CPE credits reported after Dec. 31 are late. Expect to pay a noncompliance or late-reporting fee based on the month that credits are properly reported to the BOA.
Inactive CPAs: Please read!
Failing to renew your inactive CPA certificate by Dec. 31 puts you out of compliance with the BOA, leading to additional fees and eventual revocation of your CPA certificate.
Use of the “CPA (inactive)” credential is also restricted until the certificate is brought back to proper standing.
Are you toying with going inactive? An active CPA certificate can be converted to inactive during the BOA’s annual renewal process with an effective date of Jan. 1, 2020. You must be compliant with your CPE as of June 30, 2019.
As of Aug. 1, 2019, CPAs can convert their certificate to retired status. This request is separate from certificate renewal. Visit www.mncpa.org/retired
for details and links.
Firm permit renewal
CPA firms must renew their firm permit by Dec. 31. But, before a firm can do so, two-thirds of the firm’s owners as defined by the BOA must have individually renewed.
By March 1, all CPA firm owners must have renewed, or the firm’s permit will be automatically revoked.
Remember, a CPA firm cannot operate or advertise without a firm permit.
CPA certification is regulated by the Minnesota BOA. They can be reached at 651-296-7938 or www.boa.state.mn.us.
Have renewal or reporting questions? Start with the MNCPA. Visit www.mncpa.org/renewal
or contact us at 952-831-2707 or firstname.lastname@example.org
Simplify reporting with CPE Log
MNCPA members have access to the CPE Log, a robust online tool designed to help you report your CPE. Track your credits in one location and receive alerts should potential noncompliance issues arise. Access the BOA CPE summary for a mirror-image view when you’re ready to report to the BOA.