| (a) Upon written authorization from the executive director,
a firm with only one CPA owner may continue to operate for a period
of up to 15 months following the death or incapacitation of the sole
CPA owner. The executive director, subject to ratification at the
next board meeting, may permit the continued operation of the firm
when he has been provided with:
(1) In the event of the death of the sole CPA owner:
(A) a certified copy of the sole CPA owner's death
certificate;
(B) a copy of the power of attorney from the sole CPA
owner's executor, administrator, or heir along with a document from
the executor, administrator or heir designating a Texas CPA in good
standing with the board with the authority and intention to manage
the sole CPA owner's firm; and
(C) written evidence that a disruption in the continuation
of the sole CPA owner's firm would jeopardize the survivability of
the firm.
(2) In the event of the incapacitation of the sole
CPA owner:
(A) an affidavit from the sole CPA owner's physician
stating that the sole CPA owner, because of a severe ongoing physical,
mental impairment or medical condition is not able to perform the
day-to-day tasks necessary for the continued operation of the firm;
(B) a copy of a power of attorney or a court ordered
guardianship along with a document from the holder of the power of
attorney or the guardian designating a Texas CPA in good standing
with the board with the authority and intention to manage the sole
CPA owner's firm; and
(C) written evidence that a disruption of the continuation
of the sole CPA owner's firm would jeopardize the survivability of
the firm.
(b) Upon the death of a co-owner of a firm with a surviving
CPA owner, the firm may continue to operate during the period the
owner's estate is being probated. The firm's resident manager shall
notify the board in the firm's next annual licensing application of
the status of the firm's ownership.
|
| Source Note: The provisions of this §513.16 adopted to be effective August 4, 2004, 29 TexReg 7307; amended to be effective August 3, 2017, 42 TexReg 3786; amended to be effective April 18, 2018, 43 TexReg 2274; amended to be effective February 5, 2020, 45 TexReg 761 |
