2013-2015 License Maintenance - Know the Rules!
2013 saw many changes to the CPE reporting and license renewal process. Although the 2013 renewal period has passed, it is important for CPAs to be mindful of current laws and legislation to remain compliant with standards.
Under state law, CPAs must earn 40 hours of CPE credit annually. *Please remember* No more than 20 hours of self study annually can be applied to this requirement. Licensees still must report 80 CPE hours bi-annually.
The deadline for taking CPE (i.e. completing the required coursework) has not changed. The deadline remains June 30 of every odd year (2013, 2015, 2017, etc.) An important change: The period for reporting CPE and renewing a CPA license will both now occur in July with a deadline of July 31 of every odd year. CPAs are still required to report 80 CPE hours bi-annually.
Another significant change: 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. Reporting of this extra information will reduce the number of audits conducted following reporting by allowing the State to ensure all compliances have been met, including the required 40 annual hours.
Finally, the Department of Licensing and Regulatory Affairs is no longer tracking carry over hours. As has always been legally required, the licensee is responsible for accurate record keeping of all CPE credit as noted in the administrative rule:
R 338.5260 Evidence of completion of continuing education requirements.
Rule 260. 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.