The Virginia Board of Accountancy (VBOA) has instituted two new license statuses: “Active — Renewal Fee Delinquent” and “Active — CPE Exempt.”
The details on the new statuses are:
- “Active — Renewal Fee Delinquent” is effective now and deals with the renewal status for late licensees. Under current statute, individuals holding a CPA license have an additional 12 months after their license expiration date to renew the license. During that grace period, their licensee status will be “Active — Renewal Fee Delinquent,” but they would still be considered to hold a Virginia license. Previously, this status was known as “Expired — Late Renewal.” Licenses not renewed by the end of the 12-month period would be considered “Expired” and the licensee would have to reapply for licensure.
- “Active — CPE Exempt” has a target effective date of July 1, 2014, and affects CPAs who want to maintain their license but are not providing services to an employer or the public and don’t expect to for a period of time. CPAs who qualify for this status will be allowed to renew their licenses annually and pay the renewal fee, but will not have to fulfill CPE requirements. CPAs under this status who begin providing services to an employer or to the public would need to reactivate their “Active” status and meet CPE requirements before initiating services.
The “Active — CPE Exempt” status was created in response to the VSCPA’s request for an “Inactive” status.