South Carolina § 40-2-275 - "Retired" status.

§ 40-2-275. "Retired" status.

(A) A licensee may apply to the board for permission to place the word "Retired" adjacent to his "Certified Public Accountant" title on any document or device on which the "Certified Public Accountant" title appears if he has:

(1) attained at least thirty years of combined experience as a licensee in this State or in a substantially equivalent state;

(2) reached at least fifty-five years of age during a prior license year;

(3) works no more than an average of twenty hours per week; and

(4) does not offer attest services pursuant to Section 40-2-20(2) or compilation services pursuant to Section 40-2-20(6).

(B) A licensee with "Retired" status pursuant to subsection (A) may meet the continuing professional education requirement for renewal in Section 40-2-250(C) by documenting the completion of one-half the required hours during the immediately preceding calendar year, provided that he includes no more than one-half of the required hours with the carryover of excess hours provided through board regulation.

(C) All other requirements for the renewal of a license with "Retired" status remain the same as in Section 40-2-250.

(D) Nothing in this section is intended to prevent a licensee with "Retired" status from providing prepared financial statements or income tax returns.

HISTORY: 2022 Act No. 174 (S.812), SECTION 1, eff May 16, 2022.