S.D. Admin. R. 20:75:03:08

Current through Register Vol. 51, page 67, December 16, 2024

Section 20:75:03:08 - Application for firm permit - Renewal - Replacement - Fees

Any firm required to hold a permit pursuant to SDCL 36-20B-32.1 must apply to the board for such permit on forms provided by the board. An original sheet of each type of letterhead used by the firm must accompany the application. The board shall issue initial firm permits for up to one year. Firm permits expire annually on July 31.

The initial application fee for a firm required to hold a permit pursuant to SDCL 36-20B-32.1(1) or (2) is $50 for each firm in this state plus,

(1) For firms with 1 to 15 owners the fee is $65 per owner;

(2) For firms with 16 to 25 owners the fee is $1,000;

(3) For firms with 26 to 60 owners the fee is $1,500;

(4) For firms with 61 owners or more the fee is $2,000.

The initial application fee for a firm required to hold a permit pursuant to SDCL 36-20B-32.1(3) is $50 for each firm exercising practice privileges in this state plus,

(1) For firms with 1 to 15 owners the fee is $65 per owner;

(2) For firms with 16 to 25 owners the fee is $1,000;

(3) For firms with 26 to 60 owners the fee is $1,500;

(4) For firms with 61 owners or more the fee is $2,000.

A firm must submit an application for an initial firm permit within 90 days after commencing an engagement. A firm must obtain a permit to practice for the year during which it commences an engagement. If the firm does not submit the application within the 90 days the firm must pay an additional $50.

An application for renewal of a firm permit must be received by the board by August 1 or must be postmarked by August 1. An application completed on the internet must be submitted on or before 11:59 p.m. central time on August 1, to be considered on time. For firms required to hold a permit pursuant to SDCL 36-20B-32.1(1) or (2) the fee for annual renewal applications submitted on time is $50 for each firm in this state plus,

(1) For firms with 1 to 15 owners the fee is $65 per owner;

(2) For firms with 16 to 25 owners the fee is $1,000;

(3) For firms with 26 to 60 owners the fee is $1,500;

(4) For firms with 61 owners or more the fee is $2,000.

For firms required to hold a permit pursuant to SDCL 36-20B-32.1(3), the fee for annual renewal applications submitted on time is $50 for each firm exercising practice privileges in this state plus,

(1) For firms with 1 to 15 owners the fee is $65 per owner;

(2) For firms with 16 to 25 owners the fee is $1,000;

(3) For firms with 26 to 60 owners the fee is $1,500;

(4) For firms with 61 owners or more the fee is $2,000.

If the application for annual renewal is submitted late, the firm is assessed a $50 late fee.

The fee to replace a firm permit lost or destroyed for any reason or to change a name or form of practice is $25. Failure to receive a renewal notice does not constitute an adequate reason for failing to renew the permit in a timely manner. The fee must accompany the application for a firm permit, renewal of a firm permit, or request for replacement of a firm permit.

Each firm shall disclose the following information in the form of an application for registration, signed and acknowledged by the resident manager of the firm:

(1) The name of the firm;

(2) The type of organization (sole proprietorship, partnership, or corporation);

(3) The address of the firm;

(4) The total percentage of equity ownership and the voting rights of the licensees in the firm;

(5) The name of the resident manager of the firm;

(6) The type of peer review program in which the firm participates and the date and results of the last review.

An applicant for initial issuance or renewal of a permit under SDCL chapter 36-20 B shall list in the application any state in which the applicant has applied for or holds a permit as a CPA firm and shall list any past denial, revocation, or suspension of a permit by any other state. A firm that submits a renewal by the use of the internet agrees that submission of the renewal serves as the representative of the firms signature and verification of the information in the renewal.

S.D. Admin. R. 20:75:03:08

29 SDR 16, effective 8/14/2002; 30 SDR 119, effective 2/9/2004; 35 SDR 305, effective 7/1/2009; 39 SDR 219, adopted June 24, 2013, effective 7/1/2013.

General Authority: SDCL 36-20B-12(3)(9)(14)(18)(21).

Law Implemented: SDCL 36-20B-32 to 36-20B-34, inclusive, 36-20B-70.