(B) Permits to engage in the practice defined in Section 40-2-510 must be issued by the board for annual periods expiring on the last day of June to persons and partnerships as follows:

1. (1) A person holding a license issued pursuant to Section 40-2-510(1)(a), upon payment of a permit fee in an amount to be determined by the board. The board may reduce or waive the fee in case of illness, mental or physical incapacity, retirement from practice, or for similar situations. Failure of a licensee to pay the fee for a permit to practice within three years from the expiration date of the permit to practice last obtained or used or within three years from the date upon which the licensee was granted the license if no permit was ever issued to the person, deprives the person of the right to the permit unless the board determines the failure to have been caused by excusable neglect. The decision of the board is final. A renewal fee for the issuance of the original license must be in an amount the board determines.

2. (2) Partnerships, without payment of a permit fee, which meet the following standards:

   1. (a) At least one general partner must be an accounting practitioner of this State in good standing.
   2. (b) Each partner must be lawfully engaged in the practice, as defined in Section 40-2-510, in some state of the United States.
   3. (c) Each resident manager in charge of an office must be an accounting practitioner of this State in good standing.
3. (3) File with the secretary of the board on a form prescribed by the board for this purpose a certificate of compliance with the continuing education requirements necessary for license renewal as required by Section 40-2-380. In case of default in the payment of the license fee by a person, Section 40-2-280 applicable to certified public accountants and public accountants applies in all respects to accounting practitioners.