Make a plan for Dec. 31
BOA Business
Anne Janotta Erickson, MNCPA membership marketing team leader | October 2020 Footnote
Editor's note: Updated September 30, 2020
It’s been an unpredictable year, to be sure. But here’s something you can plan for: the Minnesota Board of Accountancy’s (BOA) Dec. 31 deadline.
Yes, Dec. 31 is the deadline for CPAs certified in Minnesota to report their CPE and renew their CPA certificate. Do yourself — and your firm if you work in public accounting — a favor by renewing and reporting sooner than later.
Here’s the scoop on the BOA’s Dec. 31 deadline.
CPE reporting
Reporting period:
July 1, 2017, through June 30, 2020*
CPE reporting is an annual obligation. Report credits for the three-year reporting period ending June 30.
Who must report?
- Active CPA certificate holders.
- Active CPA certificate holders switching to inactive status.
Who does not report?
- Inactive CPA certificate holders. (Don’t forget to renew your CPA certificate, though!)
You’re required to maintain 120 CPE credits, including 8 ethics credits, within every rolling, three-year period. Twenty CPE credits is the minimum amount you must earn annually.
*How do I factor in the BOA’s CPE deadline extension?
In April, the BOA granted CPAs a CPE deadline extension from June 30 to Sept. 30 due to COVID-19.
You did not have to take advantage of this extension. But, if you did, remember that any hours earned during the extension can only be applied to either CPE Fiscal Year 2020 or CPE Fiscal Year 2021.
Not both.
Also, remember that CPE Fiscal Year 2021 will end on June 30, 2021, and you will need to meet the CPE requirements by that date.
CPA certificate renewal
Active and inactive CPA certificates must be renewed annually by Dec. 31.
2021 CPA certificate costs:
- Active: $100
- Inactive: $25
How do I report and renew?
Report your CPE and renew your CPA certificate within the Online Services section of the BOA’s website. Or visit the Forms section online to download a paper copy.
I became a CPA in 2020. Now what?
First, congrats!
Be sure to renew by Dec. 31. All CPA certificates expire annually on this day, including those initially issued any time in 2020.
However, newly certified CPAs do not have a CPE reporting requirement. Your first CPE year begins based on when your initial CPA certificate was issued.
If you were certified between:
- Jan. 1, 2020, and June 30, 2020
- Your CPE year began July 1, 2020. Report your CPE for the first time by Dec. 31, 2021.
- July 1, 2020, and Dec. 31, 2020
- Your CPE year begins July 1, 2021. Report your CPE for the first time by Dec. 31, 2022.
What if I miss a BOA deadline?
Here’s what you can expect should you miss a BOA deadline.
CPE reporting
Carryback credits earned after Sept. 30 (due to the aforementioned 2020 CPE deadline extension) or CPE credits reported after Dec. 31 are late. There will be a noncompliance or late-reporting fee based on the month credits are properly reported to the BOA.
CPA certificate renewal
Pay a $50 late-renewal fee to the BOA. In addition, you cannot perform public accounting work or hold yourself out as a CPA until your certificate complies. Your mistake could also jeopardize your firm’s permit.
Retiring?
There’s a CPA certificate status for that! Retiring CPAs can request this status change anytime using the Retired Request Form found on the BOA’s website.
Questions?
CPAs renew and report through the Minnesota BOA. They can be reached at 651-296-7938 or
www.boa.state.mn.us.
The MNCPA is here to help. Reach out with your renewal and reporting questions at 952-831-2707 or
customerservice@mncpa.org.
