Grace Period Clarification
Amendment 3 - Marijuana Legalization Initiative
On November 8, 2022, Missourians approved an amendment allowing the legal use of marijuana and expungement of convictions for marijuana offenses as set forth in the amendment language. The Department of Health and Senior Services (DHSS) will facilitate all requirements related to legalized marijuana including licensure for cultivation, manufacture, dispensing and sale of marijuana, under the new requirements. The effective date of the amendment was December 8, 2022.
The Division of Professional Registration and its 41 licensing boards will follow Amendment 3 and its enabling regulations regarding the legalization of marijuana for its licensees and applicants who are qualifying individuals.
The Missouri State Board of Accountancy recognizes licensees and CPA firms may decide to provide professional services to the marijuana industry. The Board cautions those licensees and/or firms that choose to provide services of any kind to this industry to be diligent in addressing potential risks and uncertainties involved, including but not limited to the continued uncertainty surrounding enforcement of applicable federal drug laws and related provisions of the Internal Revenue Service Code.
The Board, however, will not generally pursue disciplinary action solely on the basis that a licensee or firm offers to provide or provides professional services to the marijuana businesses legally operating in this state.
The Division of Professional Registration and/or the Missouri State Board of Accountancy will provide additional information as it becomes available from DHSS.
2020 Brings Change to CPE Requirements
The Missouri State Board of Accountancy has made changes to the CPE requirements. These changes can be found in Missouri Code of State Regulations Chapter 4, specifically 20 CSR 2010-4.010 through 20 CSR 2010-4.041. The link to the rules can be found at https://pr.mo.gov/accountancy.
In summary, effective January 1, 2020, licensees shall complete and maintain acceptable documentation of no less than forty (40) hours of qualifying CPE each calendar year a licensee holds an active license. A minimum of two (2) hours of the required forty (40) hours of CPE shall be in the area of ethics.
In addition, the CPE changes also have the following provisions:
Grace Period The grace period is January 1 through March 1. If you were unable to complete the required CPE of forty (40) hours annually with a minimum of two (2) hours of ethics from January through December, you can utilize January 1 through March 1 of the following year to obtain the remaining required CPE. For example, if you only obtained 35 CPE hours from January 1 through December 31, 2020, you could obtain five (5) CPE hours from January 1 through March 1, 2021 to reach the required forty (40) CPE hours.
To utilize the grace period, the following must occur:
- Licensee must be in good standing.
- Licensee must submit a written application to the Board. (Form will be available at https://pr.mo.gov/accountancy)
- CPE obtained and used during the grace period can only be used once. If it is used for the previous calendar year, it cannot also be used in the calendar year it is earned.
Cure Period This rule change brings a cure period. A cure period may be offered to licensees to "cure" CPE deficiencies due to disallowance of courses or hours by the Board as follows:
- Licensee must be in good standing.
- Once the licensee has been notified by the Board that CPE has been disallowed, the licensee will have thirty (30) days from date of notice of the Board's assertion that CPE information provided does not comply with qualifying CPE requirements to cure the deficient CPE.
- Licensee must submit a written application to the Board no later than thirty (30) days from the date of Board notice. (Form will be available at https://pr.mo.gov/accountancy.)
For more information on acceptable CPE documentation requirements, please reference Statement on Standards for Continuing Professional Education (CPE) Programs. A copy may be obtained online at www.nasbaregistry.org or a link can be found at https://pr.mo.gov/accountancy.
Licensees are required to maintain verification of CPE for five years and produce verification to the Board upon request. Licensees selected for audit should be mindful of the following CPE guidelines:
Selected for audit in 2019 and 2020:
- The previous rules will apply. A minimum of three calendar years preceding the year of the most recent renewal may be audited and the CPE requirements will fall under the previous rule of 120 CPE hours in a three year period, minimum of twenty (20) CPE hours annually and a total of six (6) hours of ethics during the three year reporting period.
Selected for audit in 2021:
- Calendar year 2020 will fall under the new rule and the CPE requirement will be forty (40) hours with minimum of two (2) hours of ethics.
- Calendar year 2019 and earlier will fall under the previous rule and the requirement will be a minimum of twenty (20) CPE hours.
Selected for audit in 2022 and after:
- Licensees selected for audit in 2022 and after will be required to demonstrate completion of forty (40) CPE hours annually with a minimum of two (2) CPE hours of ethics.
Should you have any questions on your CPE or other licensing requirements, please email the Board at email@example.com.
CPE AUDIT SERVICE LINK CORRECTION:
A letter dated 4/12/19 had previously identified the web address as https://cpeauditservice.com/register. The correct link is https://cpeauditservice.nasba.org/register. We apologize for any inconvenience this may have caused.
If you are a current licensee, please fill out the short 1 minute survey below.
About the Board
The Missouri State Board of Accountancy is a unit of the Division of Professional Registration of the Department of Commerce and Insurance (DCI). The Missouri State Board of Accountancy was created in 1909 by Senate Bill 112 and passed by the 44th General Assembly. The Board is a state agency and the members are appointed by the Governor and confirmed by the Senate. The Board is a cash funded agency, supported entirely by CPA candidates' and licensees' fees. The Public Accountancy Act is the set of statutes that govern the ability of the Board to regulate certified public accountants in Missouri.
The mission of the State Board of Accountancy is to protect the interests of all the citizens of the State of Missouri, as provided in Chapter 326, RSMo, by examining, certifying, licensing and regulating certified public accountants and public accountants, and firms of certified public accountants and public accountants in the State of Missouri. The Board promulgates rules necessary to administer the provisions of Chapter 326 to ensure the competence and ethical standards of practitioners; regulates and enforces the practice of public accounting; investigates complaints and violations of Chapter 326 and related rules; and determines appropriate discipline for those who are found to have violated the statutes or regulations.
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