If you are considering or have recently purchased a TokenTax VIP plan, welcome! This article provides an overview of the plan features, as well as information regarding what to expect during the advanced reconciliation process.
The VIP plan is our highest consumer-level product offering. It includes support for up to 30,000 transactions, two 30-minute consultations with a tax professional, advanced reconciliation services (detailed below), and some other features listed on our pricing page.
If you would prefer to handle your transaction data with one of our self-service plans, please see our crypto plan selection guide.
Do I need a VIP plan?
On all plans Premium and higher, TokenTax offers in-app tools that help clients reconcile their own transaction data. However, many of our clients discover their transaction histories are too complicated or time-consuming for them to handle themselves.
You might be a good candidate for a VIP plan if any of the following apply to your situation:
You have a number of transactions on DeFi platforms that our software does not yet automatically process
You minted your own NFTs and are unsure which related transactions are taxable
You've made very high-value crypto transactions and you want to leave the calculations to the experts
You have margin/futures trades on decentralized exchanges and are unsure how to handle your PnL calculations
You have lost wallet or exchange data and are unsure how to report that information
You are amending a tax return from a prior year and need assistance with your crypto transaction data
You are a high-frequency trader and need help aggregating your data
How does the VIP reconciliation process work?
Most VIP reconciliations can be divided into the three phases described below. However, we recognize that each case is unique. Therefore, your account's cadence may differ from the one described below.
Preliminary phase (Data intake)
Shortly after signing up for a plan, you will receive a reconciliation intake questionnaire email. This questionnaire helps our team pair you with the most appropriate reconciliation specialist, so please take your time and answer the questions to the best of your ability.
Once you have submitted your questionnaire, our general support team may assist you with the data importing process. If you have any high-level tax questions that you would like to discuss with a CPA prior to your data reconciliation, this is the right time to schedule one of your 30-minute consultations.
Many VIP clients like to use one of their 30-minute consultations to talk over a general tax loss harvesting strategy with a CPA. If you would like to use one of your consultations for this purpose, make sure you purchase your plan before the end of the tax year.
However, be aware if you choose to have a tax loss harvesting consultation, we will only be able to fully consider your data that has been automatically processed. Any other data will not be able to be fully reconciled until the end of the tax year. As such, these tax loss harvesting consults can only offer general, high-level advice about unprocessed data. Our CPAs will not be able to answer questions about specific crypto transactions before the end of the tax year.
At the end of the preliminary phase you should have:
Imported all of your transaction data
Had your general tax questions addressed during a consultation
Had any major account issues resolved by the support team
When these criteria are met, you will move to the advanced reconciliation queue, where you will be assigned a tax specialist once the tax season begins. In the US, this would typically be in late January or early February of the year following the tax year for which you have purchased a VIP plan. For example, if you purchase a 2021 VIP plan then you can expect your full reconciliation to begin by February 2022.
Crypto reconciliation phase
When one of our reconciliation specialists is available, we will assign them to your case. They will reach out via email once they've reviewed your transaction data.
Our specialists work on accounts one at a time from start to finish, so you will be in continuous contact with the person working on your account once your reconciliation begins. Hence, during this phase, please monitor your email regularly so you can reply promptly to any questions that the specialist has about your data. Common questions would include information about ICOs/presales or OTC trades, missing wallet/exchange data that might have been omitted from the questionnaire, and/or clarification regarding complex DeFi transactions.
At the conclusion of this phase, you will :
Have fully reconciled crypto transaction data
Be ready to submit your 8949 or international gain/loss report to your accountant. If TokenTax is handling your tax return, we will take care of the document handoff process for you in the next phase.
Please note that we can only reconcile data to which we have access. Thus, if you're missing transaction data then we may advise you to leave the cost basis of certain transactions at $0 to ensure that your data is treated as conservatively as possible. If you are concerned about the treatment of specific transactions, during reconciliation we can help you determine the best way to represent this data.
Final phase (Document hand off)
We encourage most clients to save at least one of their 30-minute consultations for this final phase. Now would be the time to discuss alternative tax treatments, which accounting method you should use to file, or any other specific tax questions with one of our CPAs.
Additionally, it's common for many of our clients to file for an extension on their taxes so that we have more time to work on their data. If you choose to file for an extension, or if we determine that the complexity of your data warrants an extension, we will help walk you through the process during this phase. If you file for an extension then we will complete your full crypto reconciliation at some point prior to that deadline (October 15 for U.S. filers).
What the VIP plan does not include
Our VIP plan is suitable for most advanced individual traders. However, there are several more complex or labor-intensive services that it does not cover. If you need one or more of these services, you will need to reach out to support about custom solutions.
Unlimited multichain DeFi support
At the moment VIP plans include support for Layer 1 Ethereum, Polygon, and Binance Smart Chain transactions. Our engineers are continually adding support for new chains, but in the meantime other chains will require additional fees. Please contact support for more information if you have trades on Solana, Avalanche, Fantom, Terra, Arbitrum, Polkadot, or any other unsupported chains.
Prior year reconciliations
TokenTax plans are priced per year, so if your account issues stem from data problems in prior year(s) then we may ask you to purchase an additional VIP plan. If you used another crypto tax service for your prior year tax return, you may upload a closing positions report. We will use that as a starting point for your current-year reconciliation.
Data compiling/data entry services
TokenTax can accept CSV exports from any centralized exchange, but we cannot process reports from block explorers, portfolio management software, or any other third party sources. If you've kept transaction records using your own spreadsheet format, please convert that data to TokenTax's manual CSV upload template.
Unlimited, on-demand support
Our VIP service is comprehensive, but it is not open-ended. While you are waiting for a specialist to be assigned to your case, we ask that you limit your support inquiries to issues involving data importing and other matters outside the scope of transaction data reconciliation. It's common for unprocessed dashboards to have $0 cost basis errors and other warning flags — these issues will be addressed during the reconciliation process and our specialists work most effectively if they start with a "clean" dashboard.
Additionally, we will only complete your reconciliation one time for each plan purchased. If we complete the services included in your account's plan but you later discover that you omitted some transaction data, we may ask you to purchase an additional plan.