In 2020, the world was gripped under COVID-19, and people were struggling with disruptions in health, the economy, travel, and most importantly education. Even candidates appearing for the CPA exam had their progress stuck. With testing centers shut due to the pandemic, some candidates were unable to achieve their CPA licensure. However, candidates preparing for the CPA exam always have access to online tutoring so they stay prepared for the exam on time.
On the other hand, to assist CPA candidates in recovering from the interruptions, NASBA and AICPA have introduced a new Credit Relief Initiative to reinstate or extend expired CPA Exam credits to qualified candidates.
To make you understand this initiative better, and determine whether you are eligible for it or not, here are more details of this Credit Relief Initiative.
CPA Exam Credit Relief Initiative
NASBA and the AICPA have recently issued a recommendation to individual state boards of accountancy advising them to extend credit expiration for students who had credit expire for one or more CPA Exam sections between January 30, 2020, and May 11, 2023. You may be eligible to restore lost exam credits with the credit expiration date extended until June 30, 2025.
You must note that the final decision to offer credit relief will be made by each state board of accountancy. Some states may implement the advice in its entirety, while others may adopt a shorter credit expiry date extension or a credit extension just on a case-by-case basis, or no credit relief at all.
Check If Your State Adopts Credit Relief Recommendation
When your board approves credit relief in any form, they should send an email to individuals affected and post it on social media platforms, telling what they have approved and what information is needed from you to extend your credit expiration.
If your CPA Exam credits expired within the periods indicated above and you did not get an email, you should contact your state board of accountancy for more information.
Additional Information about Recommended Credit Relief
We understand that this is a tough matter, so here are a few more considerations you can check regarding CPA Exam credit relief.
- If your state board entirely adopts NASBA and AICPA credit extension recommendations, you may need to file a request for approval before a given deadline. You should get an email with specifics from your board or NASBA. In case you don’t get the email, contact the board directly.
- You won’t be eligible for the benefits of this proposed initiative if you have already replaced your expired credit. It applies only to applicants whose credits expired during the suggested time period and who have not re-taken and passed the respective exam section.
- Only your state board of accountancy can extend your CPA Exam credits. If your state board does not approve the credit relief initiative, there are no other choices than re-taking the exam. It is not possible to transfer expired credits to a state that has joined the initiative.
This could be a little puzzling. So the best idea is to stay tuned to Andrew Katz Tutoring, where we will keep posting the updates as NASBA announces more information. Remember, when you have any confusion about state guidelines related to obtaining your CPA license, simply reach out to your state board of accountancy for details.
Meanwhile, if you are preparing to re-take the CPA exam or need assistance with a particular section or all, join Andrew Katz’s CPA tutor online assistance program. You may sign up for private or group sessions as per your own requirements.