21 NCAC 08J .0112          RETIRED STATUS - CHANGE OF STATUS

(a)  A CPA on active or inactive status may apply to the Board for a change to CPA-retired status if that CPA completes an application provided by the Board confirming the following:

(1)           they will not perform any of the services listed in 21 NCAC 08A .0307(2) except that:

(A)          they may prepare tax returns for themselves and their immediate family members without compensation. Immediate family is defined as spouse, domestic partner, parent, child, sibling, stepparent, parent-in-law, stepchild, child-in-law, grandparent, grandchild, sibling-in-law, or legal dependent; and

(B)          they may prepare tax returns through public service programs without compensation, such as the Volunteer Income Tax Assistance program.

(2)           they will not hold themselves out to the public as a certified public accountant while they remain on CPA-retired status except that they may use the designation "CPA-retired".

(3)           they consent to the continued regulatory authority of the Board.

(b)  Individuals on CPA-retired status may receive compensation for any services that are not listed in 21 NCAC 08A .0307(2).

(c)  Individuals on CPA-retired status must renew their certificate annually as set forth in 21 NCAC 08J .0101. However, individuals on CPA-retired status are exempt from the Board's annual CPE requirements.

(d)  In addition to the requirements in Paragraph (a) of this Rule, the application to move from inactive status to CPA-retired status will also contain the requirements set forth in 21 NCAC 08F .0502. However, the application will not require an experience affidavit or three certificates of good moral character.

(e)  An individual on CPA-retired status may change to active status by:

(1)           furnishing the Board with evidence of satisfactory completion of 40 hours of CPE courses during the 12-month period immediately preceding the application for change of status. Eight of the required hours shall be credits derived from a course or examination in North Carolina accountancy statutes and rules (including the Code of Professional Ethics and Conduct as set forth in 21 NCAC 08N contained therein) as set forth in 21 NCAC 08F .0504; and

(2)           submitting three certificates of good moral character completed by CPAs on active status.

History Note:        Authority G.S. 93-12(3); 93‑12(8); 93‑12(8b);

Eff. September 1, 2023.