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Takin' care of business — before Dec. 31!

BOA Business

Julia Shiota, MNCPA communications coordinator | October/November 2024 Footnote

Editor's note: Updated October 8, 2024

Editor's note: The certificate renewal period is now open. 

Fall brings pumpkin spice lattes, warm sweaters and reminders that winter is just around the corner, which means it’s time to take care of some business: renewing and reporting business, that is!

The Minnesota Board of Accountancy’s (BOA) deadline to renew your CPA certificate and report your CPE is Dec. 31. But we all know that the end of the year can get busy and, before you know it, you might end up racing the clock to get everything in on time!

Get started now and give yourself plenty of time to submit all necessary materials or fix any mistakes that might come up. Here’s key things to know to stay on track.

CPE reporting

The CPE reporting deadline is Dec. 31, 2024, and covers the reporting period from July 1, 2021-June 30, 2024. Be sure to earn a minimum of 20 CPE requirements each year and check to see that they meet the BOA’s requirements. Remember that you must earn all your CPE credits by June 30, even though the reporting deadline is Dec. 31.

Active CPAs: Report your CPE annually to the BOA. You’re required to maintain 120 CPE credits, including eight ethics credits, within every rolling, three-year period. 

Inactive CPAs: You have nothing to report because you don’t have an annual CPE requirement!

Newly licensed CPAs: When you begin reporting depends on when you were licensed.
  • If you were licensed between Jan. 1- June 30: Begin earning CPE July 1-June 30 and first report that following December. For instance, if you are licensed June 30, 2024, you will begin earning CPE July 1, 2024-June 30, 2025, and your first report will be no later than Dec. 31, 2025.
  • If you were licensed between July 1-Dec. 31: You will not need to begin earning CPE until the following year and your first report will be that December. In other words, if you were licensed July 1, 2024, you will begin earning CPE July 1, 2025-June 30, 2026, and your first report will be no later than Dec. 31, 2026.
You can learn more at more at www.mncpa.org/first-year.

CPA certificate renewal

The renewal deadline is Dec. 31, 2024, and is something all active and inactive CPAs must do annually — even if you were newly licensed this year!

If you are a retiring CPA, consider switching to the BOA’s retired certificate status. This option has no CPE or annual renewal requirement. You can request the status change anytime using the BOA’s Retired Request form.

Learn more at www.mncpa.org/retired.

Mistakes happen!

No matter how careful you are, there are times when mistakes happen or deadlines get missed! Here’s what happens if you:
  • Miss a CPE deadline: Your CPE will be considered late if you don’t earn the required amount of credits by June 30 or if you miss the reporting deadline (Dec. 31), even if you acquire the right amount of credits. You’ll need to pay a noncompliance fee that is determined on the month — either the carryback credits or CPE credits are properly reported to the BOA.
  • Miss the certificate renewal deadline: You’ll need to pay a $50 fee and you will not be able to label yourself as a CPA or perform public accounting work until your license is renewed. This may ultimately impact your firm’s permit, as well.

Reaching out for help

Reporting and renewing can be a bit of a tricky process, so it’s always good to reach out with questions! CPE reporting and renewal are rules set by the Minnesota BOA. They can be reached at 612-296-7938 or www.boa.state.mn.us.

But we’re also here for members! Contact the us with your reporting or renewal questions at 952-831-2707, membership@mncpa.org or visit www.mncpa.org/renewal to learn more.