2013-2015 License Maintenance - Know the Rules!What you need to know, according to state law:
- CPAs must earn or carry over 40 CPE hours every year (July 1 through June 30) and may be subject to a citation if there is a shortage
- Eight hours of each 40-hour requirement must be accounting and auditing, and two hours must be ethics
- Hours in excess of the required 40 hours for the education period (July 1 through June 30) can be carried over up to a maximum of 40 hours, but no more than eight hours for accounting and auditing and two hours for ethics can be carried over to meet the requirement
- CPAs must report 80 total hours of CPE at the end of the second year (June 30 of odd years) and may be required to take extra CPE if there is a shortage
The CPE Tracker makes things easy by:
- Including MACPA CPE automatically
- Enabling you to enter any third-party CPE
- Checking your 40 for sure! any time at www.michcpa.org/CPETracker
As of 2013, the deadline for reporting your 80 hours of CPE coursework and renewing your CPA license is July 31 of every odd year.
- No more than 50 percent of this requirement can be self-study
- Eight hours of each 40-hour requirement must be accounting and auditing
- Two hours of every 40 hours must be ethics
- One year’s CPE requirement in each reporting category may be carried over annually
Remember: CPAs are now required to report the number of CPE credit hours obtained for each required area as well as a list of course sponsors, course titles and course dates from which the licensee received the credit. The inclusion of CPE course dates in this additional reporting has the effect of reinvigorating the 40-hour-per-year requirement, providing the department a means to enforce this aspect of the law.
Finally, since 2011, the Department of Licensing and Regulatory Affairs is no longer tracking carryover hours. As has always been legally required, the licensee is responsible for accurate record keeping of all CPE credit as noted in administrative rule:
R 338.5260 (Excerpt) - A licensure applicant or licensee is solely responsible for documenting the evidence to support the fulfillment of the requirements under this part.
For further information, visit LARA’s website.
MACPA members can use their MACPA CPE Tracker to help remain organized.