Jensen Nominated as NASBA Regional Director
Sharon Jensen, CPA, Board Vice Chair, has been nominated to serve as a Director at Large for the National Association of State Boards of Accountancy (NASBA), of which the Minnesota Board is a member. Elections take place in October at the NASBA Annual Business Meeting. Currently, Ms. Jensen serves NASBA as Central Region Director.
Jensen, McElroy Appointed to the Board
Governor Mark Dayton announced his appointments to the Board of Accountancy: Sharon Jensen, CPA, the Board's current Vice Chair, has been reappointed for a new term ending January 3, 2022. Joining her on the Board as a new appointee is Charles McElroy, CPA. He fills a vacated position on the Board, with a term ending January 4, 2021.
Sharon Jensen, CPA, is Vice Chair of the Board and Chair of the Complaint Committee. She also services as the National Association of State Boards of Accountancy (NASBA) Central Region Director and NASBA/AICPA International Qualifications Appraisal Board (IQAB) Chair. She previously served on NASBA's Legislative Support Committee and Global Strategies Committee. In her professional practice, Ms. Jensen specializes in strategic initiatives, U.S.
and international regulatory reporting, technical accounting, organizational governance and
enterprise risk management. She previously served as the chief financial officer for a multinational manufacturing company operating in the US, Europe, Latin America and Australia, leading the strategic expansion into Europe and Latin America. She has 15 years of experience in public accounting as an audit partner and providing consulting services to companies in many different industries. This is Ms. Jensen's third term with the Board.
Charles McElroy, CPA, has over forty years of experience in public accounting and served as Chief Quality Officer for CliftonLarsonAllen,LLP (CLA) for many years. Key responsibilities as Partner at CLA included direction of the quality control and risk management for the firm. Throughout his career Mr. McElroy has been involved in many professional organizations and numerous related committees. He was a member of the American
Institute of Certified Public Accountants (AICPA) Accounting and Review
Services Committee, and is a past chair of the AICPA’s Professional Issues Task Force (PITF). Mr. McElroy also served as a member of the AICPA’s Auditing Standards Board, Peer Review Board, Center for Public Company Audit Firms Peer Review Committee, Accounting Standards Executive Committee, and CPA Exam Task Force. Mr. McElroy is a member and past president of the
Minnesota Society of CPAs. This is Mr. McElroy's first term on the Board.
IRS to Tax Professionals: "Use Stronger Passwords and Encrypt Data"
The Internal Revenue Service urges all tax professionals to use strong passwords to protect accounts from cyberthieves and to consider encryption for all sensitive data.
Strong password and encryption protocols, the IRS says, should be standard features of any data security plan that must be created by all professional tax return preparers. The Electronic Tax Administration Advisory Committee (ETAAC) noted in its recent annual report to Congress that many tax pros do not have data security plans that are required by the Federal Trade Commission. Tax Security 101: Passwords, Encryption
Three Minnesota Exam Candidates Win 2017 Elijah Watt Sells Award
The AICPA announced its 2017 Elijah Watt Sells Award winners. To win the award an individual must obtain a cumulative average score above 95.50 across all four sections of the CPA Examination, pass all four sections of the Examination on the first attempt and complete testing in the award year.
A total of 95,858 individuals sat for the Examination in 2017, with 58 candidates meeting the criteria to receive the Elijah Watt Sells Award. Three of those 58 were Minnesota Board exam candidates: Paul M. Diegnau, Harrison Robinow, and Kyle Sassenberg.
The Elijah Watt Sells Award program was established by the AICPA in 1923 to recognize outstanding performance on the CPA Examination. Sells, one of the first CPAs in the U.S., was active in the establishment of the AICPA and played a key role advancing professional education within the profession.
Our congratulations on this achievement go out to all the winners.
NASBA Seeks Investigators and Expert Witnesses
NASBA maintains a national database of investigators and expert witnesses and is looking to add qualified individuals.
To apply to be included in either pool (investigators or expert witnesses), you will need the following information and materials:
- License information for each jurisdiction in which you are licensed
- A list of your areas of expertise. Choose from the options in this downloadable file: Industry Code List
- Your resume, in an uploadable format (pdf or Word file)
- Your hourly compensation rate
- Your expense policy
Be sure to read the NASBA Agreement prior to submitting your application.
If you are interested in applying or wish to share this opportunity with a qualified individual, see the application links below:
Was That Call/Email/Fax/Text Really from the Board?
With new technology comes new ways for the unscrupulous to commit fraud—and those scammers have grown more and more sophisticated, spoofing phone numbers and creating authentic looking emails.
As a licensee, you may even hear from someone claiming to be from this Board. See our Facebook post for some tips on how to sort valid Board communication from scams.
Have a Fall Renewal Free of CPE Fees: Check Your Totals in Online Services NOW
Licensees can log in to Online Services and, should they choose, report their CPE for FY18, which ended June 30, 2018.
CPE reporting is not required until December 31 or when you renew (whichever is earlier). However, we encourage you to check that you have met the 3-year CPE requirements (FY16, 17, and 18) and so are ready to renew your license or change your license status in the fall.
If you find you are short CPE (even accounting for FY18 hours), do earn and report the needed carryback hours ASAP. Late earning fees accrue monthly, so the longer you wait to earn and report carryback hours to the Board, the higher those fees will be. Read more about how to report carryback hours in the "Reporting" section of the Board's Continuing Education webpage.
In the example below, the licensee needs to submit their 20 hours for FY18, of which 1 must be Ethics, in order to meet all their CPE requirements (current shortfalls indicated by red boxes). As long as those hours were all earned in FY18, this licensee can report their CPE at the time of renewal and without any additional CPE fees.
Committee Meeting Schedule Changes
As of 2018, meeting times for two of the committees that meet before the full Board meeting are changing.
- Firm Credentialing and Peer Review will meet at 8:00am.
- Continuing Professional Education will meet at 8:30am.
New Board Rules Now In Effect
Rule package R-04392, which clarifies education requirements for licensure, updates the Board’s peer review and continuing education requirements, and addresses other housekeeping issues, was published in the State Register on January 2, 2018. It became effective January 9, 2018.
The Board has updated information on the website affected by these revised rules and the revised rules are now incorporated into the website of the Office of the Revisor.
Continuing Professional Education Reporting Fee Chart
Either the left or the right fee column for any given year will apply. If you are noncompliant in more than one year; you owe the applicable fee for each year.
Examples (rates valid only for August 2018):
• Failed to report CPE on time in 2016 and 2017 but earned it both years in the proper timeframe: Total fee is $750.
• Failed to complete CPE on time for 2018 and reported late for 2017: Total fee is $300.
• Reported late for 2017 but earned CPE in proper timeframe: Total fee is $225.
• Reported late for 2016 and 2017 and failed to complete on time in 2018: Total fee is $825.
|Reported CPE late but earned the CPE during the proper timeframe, use these columns:
||Failed to complete CPE in proper timeframe (and so also did not report it on time), use these columns:
|Failed to report CPE by:
||Complete and/or submit:
||Failed to complete CPE by*:
||Certificates of completion for only those hours earned after 6/30/2018 and required fees**
||Certificates of completion for only those hours earned after 6/30/2017 and required fees**
||Certificates of completion for only those hours earned after 6/30/2016 and required fees**
||2016 CPA certificate renewal form* and required fees**
|* If you completed CPE hours after the June 30th deadline(s), you must include copies of the certificates of completion for those hours.
|**The above-referenced fees reflect the rates if submitted/postmarked by AUGUST 2018. |
MN Rule 1105.3000 (E)(2018)
|For renewals/CPE prior to these dates, please see Reinstatement.