Current through December 12, 2024
1. The certificate of a certified public accountant who holds a live permit and is in good standing may, upon application to and approval by the Board, be placed on retired or inactive status.
2. A certified public accountant whose certificate is placed on retired status pursuant to subsection 1 must, if he or she thereafter includes any reference to his or her certification on a business card, letterhead or similar document or device, include the word "retired" immediately following each such reference.
3. Any of the following activities will be considered as active involvement in the accounting profession, and the holder of the certificate will not qualify for retired or inactive status:
(a) Any employment related to the financial functions of any business, governmental entity or nonprofit organization;
(b) Any supervision of the financial functions of any business, governmental entity or nonprofit organization;
(c) Any preparation of tax returns or schedules in support of a tax return for compensation except when prepared for family members;
(d) Any volunteer position related to the financial functions of an entity, except financial oversight required by law in a fiduciary capacity for the volunteer position; or
(e) Any work as a trustee that includes the preparation of financial information for the trust except for a family trust of the former holder of a certificate or of any person who is related within the third degree of consanguinity or affinity to the former holder of a certificate.
4. A former holder of a certificate may be reinstated into the practice of public accounting from retired or inactive status by submitting an application to the Board accompanied by the fee prescribed in NAC 628.016. The applicant must show that he or she has completed at least 40 hours of continuing education, including 4 hours of continuing education relating to ethics, during the 12 months immediately preceding the application.
5. A former holder of a certificate whose certificate has been voluntarily surrendered to the Board must submit:
(a) A new application for licensing accompanied by:
(2) The fee for annual renewal of the permit for any year the fee was not paid before he or she surrendered the certificate; and
(3) The penalty for late filing for any year fees were not paid before he or she surrendered the certificate as prescribed in paragraph (d) of subsection 3 of NAC 628.016; and
(b) Proof that he or she has completed at least 40 hours of continuing education during the 12 months immediately preceding the application.
6. A former holder of a certificate whose certificate has been revoked or, in lieu of receiving disciplinary action, voluntarily surrendered to the Board, must submit:
(a) A new application for licensing accompanied by:
(2) The fee for annual renewal of the permit for any year that the fee was not paid before the certificate was revoked or surrendered; and
(3) The penalty for late filing prescribed in paragraph (d) of subsection 3 of NAC 628.016 for any year that a fee was not paid before the certificate was revoked or surrendered;
(b) Proof that he or she has completed at least 80 hours of continuing education, including 8 hours of continuing education relating to ethics, during the 12 months immediately preceding the filing of the new application; and
(c) Evidence that any outstanding issues that are related to disciplinary action which caused the revocation or voluntary surrender have been addressed to the satisfaction of the Board.
A practitioner who voluntarily surrenders his or her certificate while subject to a contested case, as defined in section 3 of this regulation, shall be deemed to have surrendered his or her certificate in lieu of receiving disciplinary action for the purpose of this subsection.
7. For the purposes of this section:
(a) "Inactive status" means the voluntary termination by a holder of a certificate of all activities in the fields of public, private or governmental accounting before reaching the age of retirement.
(b) "Retired status" means the voluntary termination by a holder of a certificate of all activities in the profession of public, private or governmental accounting upon the attainment of at least 60 years of age or upon becoming permanently disabled and no longer gainfully employed.
Bd. of Accountancy, Art. 12, eff. 5-13-82-NAC A 2-6-87; 9-17-87; 12-13-96; R192-97, 1-30-98; R169-99, 12-13-99; R094-01, 10-17-2001; R046-13, 12-23-2013; A by R117-15, eff. 4/4/2016
NRS 628.120, 628.160
