What are you waiting for? Renew and report already!
BOA Business
Anne Janotta Erickson, MNCPA membership marketing team leader | October/November 2022 Footnote
Editor's note: Updated September 30, 2022
“I wish I had more to do at the end of December,” said no one, ever.
Here’s a novel idea: Start chipping away at your year-end to-do list now by meeting your Minnesota Board of Accountancy obligations months ahead of the Dec. 31 deadline.
You see — there’s nothing that says you need to wait until December to renew your CPA certificate and report your CPE. In fact, the BOA encourages CPAs to turn this around as early in the renewal season as possible. Doing so ensures that mistakes can be caught and fixed ahead of Dec. 31.
So, what are you waiting for? Here’s how to get a jump start on renewing and reporting.
TO-DO: Report your CPE
Report your CPE annually to the BOA for the three-year reporting period ending June 30. This year, that reporting period is July 1, 2019, through June 30, 2022.
Who reports CPE?
- Active CPA certificate holders.
- Active CPA certificate holders switching to inactive status.
- Who doesn’t need to report?
- Inactive CPA certificate holders.
- Retired CPA certificate holders.
Remember, you must earn a minimum of 120 CPE credits, including 8 ethics credits, during each rolling three-year period. Make sure to take at least 20 credits annually, as that’s the minimum required by the BOA. Also, double-check that your credits meet the BOA’s credit requirements.
TO-DO: Renew your CPA certificate
Renew your CPA certificate annually by Dec. 31.
Who needs to renew?
- Active CPA certificate holders.
- Inactive CPA certificate holders.
Help! I’m new to this.
Did you earn your initial CPA certificate in 2022? Congrats! Let’s get you up to speed on your Dec. 31 obligations.
First, renew your CPA certificate by Dec. 31. Why so soon? All CPA certificates expire at the end of the year, even if they were just issued.
Second, determine when you need to begin earning CPE. This is based on when your initial CPA certificate was issued.
If you were certified between:
- Jan. 1, 2022, and June 30, 2022: Your CPE year began July 1, 2022. Report your CPE for the first time by Dec. 31, 2023.
- July 1, 2022, and Dec. 31, 2022: Your CPE year begins July 1, 2023. Report your CPE for the first time by Dec. 31, 2024.
Earn a minimum of 20 CPE credits in year one. By year three, you will need to earn the full 120 CPE credits and meet all requirements needed to maintain an active CPA certificate.
Learn more about maintaining your initial CPA certificate at
www.mncpa.org/first-year.
Help! I’m retiring.
Congrats to you, too. Did you know that the BOA offers a retired status to CPAs? You can request this status change anytime during the year using the BOA’s Retired Request Form available online.
Help! I missed a deadline.
Mistakes happen. Here’s how to quickly fix common renewal and reporting mistakes.
I’m short on CPE.
Your CPE is considered late if you fail to earn enough credits by June 30 or if you miss reporting said credits by Dec. 31. Either way, you will face a noncompliance fee based on the month the carryback credits (if you failed to earn enough CPE by June 30) or CPE credits are properly reported to the BOA.
I’m late to renew.
Expect to pay a $50 late fee from the BOA. What’s more, you can’t perform public accounting work or hold yourself out as a CPA until your certificate is back in proper standing. This is a big deal that could ultimately impact your firm’s permit.
Questions?
CPA certificates are issued by the Minnesota BOA. They can be reached at 651-296-7938 or www.boa.state.mn.us.
We’re here to help! Contact the MNCPA with your reporting and renewal questions at 952-831-2707 or
customerservice@mncpa.org. Or visit
www.mncpa.org/renewal.
