Current through Reg. 49, No. 38; September 20, 2024
(a)
Retired status. A licensee who is at least 60 years old and has affirmed that
the licensee has no association with accounting may be granted retired status
at the time of license renewal. A licensee in retired status is exempt from the
fingerprinting required in §
515.1(d)
of this chapter (relating to License). A licensee who has been granted retired
status and who reenters the workforce in a position that has an association
with accounting automatically loses the retired status except as provided for
in subsection (a)(1) of this section, and must provide the fingerprinting
required in §
515.1(d)
of this chapter unless previously submitted to the board.
(1) A licensee who serves without
compensation on a Board of Directors, or Board of Trustees, or provides
volunteer tax preparation services, participates in a government sponsored
business mentoring program such as the Internal Revenue Service's Volunteer
Income Tax Assistance (VITA) program or the Small Business Administration's
SCORE program or participates in an advisory role for a similar charitable,
civic or other non-profit organization continues to be eligible for retired
status.
(2) Licensees providing
such uncompensated volunteer services have the responsibility to maintain
professional competence relative to the volunteer services they provide even
though exempted from CPE requirements.
(3) The board shall require licensees to
affirm in writing their understanding of the limited types of activities in
which they may engage while in retired status and their understanding that they
have a professional duty to ensure that they hold the professional competencies
necessary to offer these limited volunteer services.
(4) Licensees may only convert to retired
status if they hold a license in good standing and not be subject to any
sanction or disciplinary action.
(5) Compensated services do not include
routine reimbursement for travel costs and meals associated with the volunteer
services or de minimis per diem amounts paid to cover such expenses.
(6) A retired licensee shall place the word
"retired" adjacent to the retired licensee's CPA or Public Accountant title on
any business card, letterhead or any other document. A licensee may be held
responsible for a third party incorrectly repeating the CPA's title and shall
make reasonable efforts to assure that the word "retired" is used in
conjunction with CPA. Any of these terms must not be applied in such a manner
that could likely confuse the public as to the current status of the licensee.
The licensee will not be required to have a certificate issued with the word
"retired" on the certificate.
(7) A
licensee in "retired" status is not required:
(A) to maintain CPE; and
(B) provide fingerprinting in accordance with
§
515.1(d)
of this chapter unless the retired status is removed.
(8) A retired licensee shall not offer or
render professional services that requires the retired licensee's signature and
use of the CPA title either with or without "retired" attached, except a
retired licensee providing supervision of an applicant to take the UCPAE may
sign the work experience form.
(9)
Upon reentry into the workforce, the licensee must notify the board and request
a new license renewal notice and:
(A) pay the
license fee established by the board for the period since the licensee became
employed;
(B) complete a new
license renewal notice; and
(C)
meet the CPE requirements for the period since the licensee was granted the
retired status as required by §
523.113(3)
of this title (relating to Exemptions from CPE).
(b) Disability status. Disability
status may be granted to an individual who submits to the board a statement and
an affidavit from the licensee's physician which identifies the disability and
states that the individual is unable to work because of a severe ongoing
physical or mental impairment or medical condition that is not likely to
improve within the next 12 consecutive months. This status may be granted only
at the time of license renewal.
(1) Disability
status is immediately revoked upon:
(A) the
CPA reentering the workforce in a position that has an association with
accounting work for which the CPA receives compensation; or
(B) the CPA serving on a Board of Directors,
Board of Trustees, or in a similar governance position unless the service is
for a charity, civic, or similar non-profit organization.
(2) Upon reentry into the workforce under
such conditions, the individual must notify the board and request a new license
renewal notice and:
(A) pay the license fee
established by the board for the period since the individual became
employed;
(B) complete a new
license renewal notice;
(C) meet
the CPE requirements for the period pursuant to §
523.113(3)
of this title; and
(D) provide the
fingerprinting required in §
515.1(d)
of this chapter unless previously submitted.
(c) For purposes of this section the term
"association with accounting" shall include the following:
(1) working or providing oversight of
accounting or supervising work performed in the areas of financial accounting
and reporting; tax compliance, planning or advice; management advisory
services; accounting information systems; treasury, finance, or audit;
or
(2) representing to the public,
including an employer, that the individual is a CPA or public accountant in
connection with the sale of any services or products involving accounting
services or work, as provided for in §
501.52(22)
of this title (relating to Definitions) including such designation on a
business card, letterhead, proxy statement, promotional brochure,
advertisement, or office; or
(3)
offering testimony in a court of law purporting to have expertise in accounting
and reporting, auditing, tax, or management services; or
(4) providing instruction in accounting
courses; or
(5) for purposes of
making a determination as to whether the individual fits one of the categories
listed in this section the questions shall be resolved in favor of including
the work as an "association with accounting."
(d) Nothing herein shall be construed to
limit the board's disciplinary authority with regard to a license in retired or
disabled status. All board rules and all provisions of the Act apply to an
individual in retired or disability status.
