Don’t be scared! Renew and report before Dec. 31
BOA Business
Anne Janotta Erickson, MNCPA membership marketing team leader | October 2021 Footnote
Editor's note: Updated September 30, 2021
In need of a spooky Halloween costume idea? Dress up as a CPA who missed the Minnesota Board of Accountancy’s (BOA) Dec. 31 deadline.
Seriously, there’s nothing scarier.
Make no bones about it, Dec. 31 is your deadline for renewing and reporting to the BOA. Miss it and you’re out of compliance. What’s more, if you work in public accounting, your firm could also be in for a compliance scare.
Inactive CPAs: You’re not off the renewal hook either.
Avoid noncompliance nightmares by renewing your CPA certificate and reporting your CPE early.
No tricks here. Only treats for those who get it right.
CPE reporting
Active CPAs: Report your CPE annually to the BOA. Credits are reported in three-year periods. This year’s reporting period is July 1, 2018, through June 30, 2021. You’re required to maintain 120 CPE credits, including eight ethics credits, within every rolling, three-year period. Make sure you earn a minimum of 20 CPE credits annually.
Inactive CPAs: You have nothing to report because you don’t have an annual CPE requirement. Switching from active to inactive? CPE requirements must be met before you will be allowed to convert your certificate to inactive. Report your credits for the CPE year ending June 30, 2021.
CPA certificate renewal
Active and inactive CPA certificates must be renewed annually by Dec. 31.
2022 CPA certificate costs:
- Active: $100
- Inactive: $25
How do I report and renew?
Report your CPE and renew your active or inactive CPA certificate within the Online Services section of the BOA’s website.
If you’re renewing as active for 2022 but plan to go inactive in 2023, remember that you must complete your CPE for the CPE year ending June 30, 2022, to be eligible to change status in 2023.
Initial CPA certificates
Did you earn your CPA certificate in 2021? Get a handle on your Dec. 31 obligations.
CPE reporting:
Newly certified CPAs do not have a CPE reporting requirement.
Earn a minimum of 20 CPE credits in year one. Any CPE type or category will do. By year three, you will need to earn 120 CPE credits that meet the BOA’s type and category requirements.
Your first CPE year begins based on when your initial CPA certificate was issued.
- Certified between Jan. 1, 2021, and June 30, 2021: Your CPE year began July 1, 2021. Report your CPE for the first time by Dec. 31, 2022.
- Certified between July 1, 2021, and Dec. 31, 2021: Your CPE begins July 1, 2022. Report your CPE for the first time by Dec. 31, 2023.
CPA certificate renewal:
Renew your CPA certificate by Dec. 31. This is because all CPA certificates, including initial certificates just issued, expire at year’s end.
Gah! I missed the deadline!
Don’t be scared! Here’s what you’ll need to do to fix your certification hiccup.
I’m short on CPE!
Carryback credits earned after June 30, 2021, or CPE credits reported after Dec. 31, 2021, are late. There will be a noncompliance or late-reporting fee based on the month credits are properly reported to the BOA.
I’m late to renew!
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?
You can request that your CPA certificate change to retired status anytime during the year using the BOA’s Retired Request Form available on their website.
Questions?
Your CPA certificate is regulated 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. Or visit
www.mncpa.org/renewal.
