Understanding Common FinCEN Error Codes
If you’re a CPA or filing professional dealing with Beneficial Ownership Information (BOI) reports, you’ve probably come across a few FinCEN error codes that made you pause. No worries—I’m here to help you understand what these Corporate Transparency Act error codes mean, why they happen, and how to fix them quickly. Let’s dive in!
Error Code: SBE01
Message: “BOIR could not be processed by FinCEN at this time. Please try again. If this problem persists, please contact the FinCEN Contact Center for assistance.”
What it Means & How to Fix It:
This error usually occurs due to a temporary system glitch on FinCEN’s end, often during high-traffic periods or system maintenance. These glitches are generally short-lived, so waiting a bit and trying your submission again often resolves the issue. However, persistent errors may indicate a deeper issue with the submission process, and it’s essential to contact the FinCEN Contact Center to avoid delays in reporting.
Quick Fix:
- This error code indicates that your BOIR could not be processed by FinCEN at this time.
- Action: Resubmit the BOIR. If the issue persists, check for any system-wide announcements from FinCEN or contact their support for further assistance.
Consequences of Not Resolving:
Failure to submit your BOIR in a timely manner can result in compliance issues and potential penalties for the reporting company.
Error Code: SBE02
Message: “Initial BOIR already has been filed for the reporting company recorded in the initial BOIR filing. Please try again. If this problem persists, please contact the FinCEN Contact Center for assistance.”
What it Means & How to Fix It:
This error arises when there’s an attempt to submit a duplicate initial BOI report for a company. It usually means that someone has already filed the initial report. It’s important to verify whether the report was already submitted to avoid duplications. In cases where an update or correction is needed, filing an amended report rather than a new initial report is the correct approach.
Consequences of Not Resolving:
Submitting duplicate reports can lead to confusion and potentially incorrect data being recorded, which might require additional time and resources to correct.
Error Code: SBE03
Message: “FinCEN ID entered for a Company Applicant or Beneficial Owner cannot be matched to an existing FinCEN ID. Please try again. If this problem persists, please contact the FinCEN Contact Center for assistance.”
What it Means & How to Fix It:
This is a common error and occurs when the FinCEN ID provided does not match any existing records. This could be due to a typo, outdated information, or an incorrect ID being entered. Double-checking the FinCEN ID for accuracy is crucial to ensure that the report is correctly associated with the right entity. Get a detailed guide on resolving Error Code SBE03 here.
Quick Fix:
- File Size Exceeded: Ensure attachment is under 4MB by resizing or compressing the file.
- File Type Not Accepted: Save as JPG, JPEG, PNG, or PDF; convert if needed.
- File Name Issues: Remove spaces or special characters from file names.
- Multiple Documents Issue: Upload only one identifying document per individual.
- Missing Field Error: Fill in highlighted fields before certifying and resubmitting the BOIR.
Consequences of Not Resolving:
Incorrect FinCEN IDs can result in the report being associated with the wrong entity, leading to potential legal and compliance issues.
Error Code: SBE04
Message: “Reporting Company information entered in Type of filing Items 1(e)-(h) cannot be matched to an existing Reporting Company. Please try again. If this problem persists, please contact the FinCEN Contact Center for assistance.”
What it Means & How to Fix It:
This error indicates a mismatch in critical information such as the Legal name, TIN, or Country/Jurisdiction. It often happens when there is a discrepancy between what was previously reported and the current submission. Ensuring that all details match what was previously submitted is vital to avoid this issue. Learn more about how to resolve Error Code SBE04 in detail.
Consequences of Not Resolving:
Mismatched information can lead to delays in processing the report and may trigger further inquiries from FinCEN, which could complicate the reporting process.
Error Code: SBE05
Message: “Reporting Company information recorded in Type of filing Items 1(e)-(h) cannot be matched to a prior BOIR filing. Please try again. If this problem persists, please contact the FinCEN Contact Center for assistance.”
What it Means & How to Fix It:
Similar to SBE04, this error occurs when there is a mismatch between the current report and previous filings. This could involve discrepancies in the Legal name, TIN, or other key identifiers. Verifying that all information is consistent with prior filings is essential.
Consequences of Not Resolving:
Failure to align the information with previous filings can result in the report being rejected or delayed, which could affect the company’s compliance status.
Error Code: SBE06
Message: “FinCEN ID entered for a Company Applicant or Beneficial Owner cannot be matched to an existing FinCEN ID. Please try again. If this problem persists, please contact the FinCEN Contact Center for assistance.”
What it Means & How to Fix It:
This error is similar to SBE03 and occurs when the FinCEN ID for a Company Applicant or Beneficial Owner does not match existing records. This can happen due to data entry errors or outdated information. Double-checking and verifying the FinCEN ID can help resolve this issue.
Consequences of Not Resolving:
An unresolved mismatch in FinCEN ID can lead to the report being incorrectly filed, potentially causing compliance issues and additional work to rectify the errors.
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