Retired? There’s a CPA certificate status for that
October 2019 Footnote
Editor's note: Updated October 1, 2019
Think back to when you were a kid. What was the one toy that just had to be yours? And yet no amount of wishing and asking seemed to do the trick. Until one day, it did.
Best. Day. Ever.
Retired and soon-to-retire CPAs across Minnesota are having their own best day ever. You see, many MNCPA members have asked for a retired status from the Minnesota Board of Accountancy (BOA). The MNCPA heard you loud and clear and took up the cause, advocating on your behalf for a retired status.
On Aug. 1, 2019, this status option became official.
Best. Day. Ever.
New rules are meant to be understood. Here’s the lowdown on the Minnesota BOA’s retired status.
Do I qualify?
Retired status is available to CPAs who meet the following qualifications:
- 55 years old or older.
- Hold an active or inactive CPA certificate in good standing.
- Declare that you’re not practicing public accounting in any jurisdiction.
Is there a cost?
There is no fee for requesting retired status provided your certificate is in good standing and the request is made prior to your active or inactive CPA certificate expiring on Dec. 31.
Expired CPA certificates must be brought back to good standing before a retired request can be granted. The BOA will assess a late fee based on how long ago your CPA certificate expired.
Let’s do this!
Requesting retired status is as simple as completing the BOA’s Retired Status Request Form. You submit this form via mail or email.
This form requires an actual signature — digital signatures are not accepted by the BOA.
If your CPA certificate has expired, mail the late filing fee with the Retired Status Request Form.
If you have CPE for the current year and want it on record with the BOA, report it through the BOA’s Online Services prior to requesting retired status.
How can I use the retired status?
Representing yourself correctly as a retired CPA is important. Options include:
- Certified Public Accountant — Retired
- CPA — Retired
- Retired Certified Public Accountant
- Retired CPA
Remember, CPAs with retired status can’t perform any work that requires an active CPA certificate and they can’t hold themselves out as a CPA.
It’s official. Now what?
There is no annual CPE or certificate renewal requirement for maintaining retired status. There is also no cost to maintain the retired status.
Should you decide to convert your retired certificate to active or inactive in the future, you will need to complete the BOA’s Application for Reinstatement form.
BOA versus MNCPA retired status
Don’t confuse the BOA’s retired certificate status with the MNCPA’s retired membership status. We are separate organizations.
CPA certification is regulated by the Minnesota BOA. Only the BOA can grant you retired certificate status.
MNCPA membership is optional for all CPAs. There is a retired membership rate available to MNCPA members working fewer than 200 hours annually.
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 questions from members. Contact customer service at 952-831-2707 or email@example.com
Visit our retired status page
Check out www.mncpa.org/retired
for more information on the BOA's retired certificate status.