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Firm up your firm’s permit renewal!

BOA Business

| December/January 2025 Footnote

Editor's note: Updated December 5, 2024

The end of the year is a time of wrapping up loose ends and planning for the upcoming year. With so much on your plates, it’s easy for something to slip through the cracks. We’re here to make sure your firm permit renewal isn’t one of those things!

Why is it so important for firms to get their permit renewed? Because you can’t operate or advertise your CPA firm without a valid permit.

A firm permit is required if you:
  1. Provide attest services.
  2. Use some variation of “certified public accountant” in your firm name or marketing.
  3. Provide compilation services.

CPA firm permits must be renewed annually through the Minnesota Board of Accountancy (BOA) and that process includes some key elements. Remember that a firm’s permit is tied to individual CPA certificate holders within the firm. This means CPAs who are firm owners must renew and report CPE individually for the firm’s permit to be renewed. That includes partners, shareholders, directors, members, officers and managers of a limited liability company.

By Dec. 31, two-thirds of a firm’s owners must have their own individual CPA certificates renewed. If a firm doesn’t meet this renewal threshold, the BOA will return the firm’s application.

By March 1, all firm owners must properly renew their individual CPA certificates. Even if one CPA does not properly renew their own CPA certificate, the firm’s permit will be automatically revoked. Reinstating a firm permit is no easy matter. Reinstatement involves issuing a public order, which can only happen when the Board meets — roughly eight times a year.

To avoid all this hubbub, it’s a good idea to update your firm’s roster to ensure your files are up to date. Encourage all CPAs at your firm to renew as early as possible and keep track of who has renewed.

Questions?

CPA firm permits are issued by the Minnesota BOA and they are here to help! They can be reached at 651-296-7938 or www.boa.state.mn.us. You can also learn more about firm renewal at www.mncpa.org/firm-permit-renewal or contact the MNCPA at membership@mncpa.org or 952-831-2707.