If you are considering purchasing 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 benefits from all of our lower tier plans with added processing for up to 30,000 transactions, Advanced Reconciliation services (detailed below), two 30-minute consultations with a tax professional, and other features that are listed on our pricing page.
If you would prefer to handle your transaction data with one of our self-service (non Advanced Reconciliation) plans, please see our crypto plan selection guide.
While this is a phenomenal plan, you will want to remember that clients with highly complex DeFi, non-EVM data, and/or have a transaction count exceeding 50,000, will likely need a custom or Enterprise engagement. Please reach out to support if you fall into this category.
Do I Need a VIP Plan?
With all plans Premium and higher, clients are given access to our crypto tax software’s in-app tools that help clients reconcile their own transaction data. However, many of our clients discover that the tax implications of their transaction histories are too complex or time-consuming for them to handle themselves.
You might be a good candidate for our 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 and categorize
You minted NFTs or have other advanced on-chain activity 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 Plan reconciliation process work?
Most VIP Plan reconciliations can be divided into three phases (described below). Please keep in mind that the below is a generalized overview and each clients’ account is unique. Therefore, your account's cadence may differ from the example below. All VIP Plan Advanced Reconciliations will start some time after the end of the tax year.
Preliminary Phase (Data Intake)
Shortly after signing up for a plan, you will receive an introductory email explaining your first steps needed and where to go to fill out your Recon Profile in your account. The Recon Profile is a questionnaire that helps our Reconciliation Specialists to quickly get to work on your account, once they’re assigned, so please take your time and be thorough in your answers to the questions.
Once you have completed and saved your Recon Profile, you should confirm the importation of all your crypto data. Our general support team may assist you with this phase if needed (see: the data importing process).
Additionally, if you have any high-level tax questions, or need general crypto tax advice, that you would like to discuss with a Tax Professional, this is the right time to schedule one of your two 30-minute consultations. Many VIP Plan holders also like to use one of their two 30-minute consultations to talk over a general Tax Loss Harvesting strategy with a Tax Professional. If you would like to use one of your consultations for these purposes, make sure you purchase your plan before the end of the tax year, and then reach out to our support team. Please be aware that during a Tax Loss Harvesting consultation, our Tax Professionals will only be able to fully consider your data that has been automatically processed and categorized. As such, these Tax Loss Harvesting consults can only offer general, high-level advice about unprocessed data. Advanced Reconciliation work will not be available or provided for Tax Loss Harvesting purposes. These consultations will not be able to answer questions about specific crypto transactions before the end of the tax year. If you require reconciliation prior to the end of the year for Tax Loss Harvesting, please reach out to our support team to inquire about a custom or Enterprise plan.
At the end of the preliminary phase you should have:
Filled out your Recon Profile
Imported your full transaction data
Had your general crypto and tax questions addressed
When these criteria are met, you will be placed in our Advanced Reconciliation queue, where you will be assigned a Reconciliation Specialist once the tax season begins and we have reached your turn in the queue.
Crypto Reconciliation Phase
When it gets to be your turn in the queue and 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 and your Recon Profile. This will usually take place some time after the end of the tax year.
Our Recon Specialists work on accounts from start to finish, so you will be in continuous contact with the person working on your account once your reconciliation begins. During this phase, please monitor your email regularly so that 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 for the year purchased
Be ready to submit your Form 8949 or international gain/loss report, and your income report, to your accountant. (If TokenTax is handling your tax return, we will take care of the document handoff process for you in the final phase).
Have any questions or concerns answered by your recon specialist
Please note that we can only reconcile data to which we have access. In some cases, we may be able to help ‘fill in’ some gaps in these types of situations. However, 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, we can help you determine the best way to represent this data during your reconciliation process.
Final Phase (Document Hand Off)
In our final stage you will review your data, discuss possible alternative tax treatments and select which accounting method you should use to file. Some clients save one of their 30-minute consultations for this final phase in case they have any follow up questions for a tax professional, or want any advice for handling next year's taxes.
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 fall outside the scope of this plan. If you need one or more of these services, you will need to reach out to our support team about custom or Enterprise solutions.
Unlimited Multichain DeFi Support
At the moment, the 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, Terra, Polkadot, or any other side/alt chains.
Prior Year Reconciliations
TokenTax plans are priced per year, so if your account issues stem from data problems in prior year(s), we may ask you to purchase additional VIP Plans for the years for which you have unreconciled data. If you used another crypto tax software for your prior year tax return, you may collect and upload a Closing Positions CSV 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 Recon 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.
Our Full-Filing services are available to purchase, as an add-on, with a Premium or VIP Plan. This service is not automatically included. With our VIP Plan plus Full-Filing add-on, we will file your federal and state tax returns once your reconciliation is completed. If necessary, we may also help you file for extension in order to allow adequate time for your Advanced Reconciliation. Please note that the Full-Filing add-on is only available for US-based clients.