NJCPA Asks State Board to Extend CPE and NTS Deadlines
The New Jersey Society of CPAs has requested that the New Jersey State Board of Accountancy consider granting several deadline extensions in light of the COVID-19 pandemic. At its May 28 meeting, the Board voted to recommend the extensions to the Division of Consumer Affairs, which has oversight for the state’s professional and occupational boards. It is now up to the Division to review the recommendations and make a final decision on them.
The recommendations are as follows:
- The triennial CPE requirement should be extended to June 30, 2021. CPE credits earned during the extension could be applied to the triennial that ends Dec. 31, 2020, or the one that ends Dec. 31, 2023, but not both.
- CPA candidates who have Notice to Sit (NTS) expiration dates between March 1 and June 30, 2020, should have their expirationdates extended to Dec. 31, 2020.
- CPA candidates who have exceeded or are about to exceed the 18-month window between March 1 and the end of the year should have their window extended to Dec. 31, 2020.
When the NJCPA inquired about extensions for peer reviews, the Board clarified that its regulations for peer review already require that New Jersey follow the AICPA’s peer review program. Therefore, the Board will grant the same extension that the AICPA recently granted, and this does not have to be approved by the Division. The AICPA granted a six-month extension for peer reviews, corrective actions and implementation plans with original due dates between Jan. 1 and Sept. 30 of this year.
It is our understanding that the Division has approved almost all recommendations for coronavirus-related extensions to date. We will provide an update when the Division makes a decision about the above recommendations.