TaxBit wants to provide you with the option to get the insight you need into your digital asset reporting with the form 8949. The TaxBit Expert Review is a paid service available for individuals who are looking for insight into questions around the form 8949 and common issues that may be missed when providing data used to generate this form. This service is not intended to serve businesses or dive into complex reporting topics that are not specifically associated with the form 8949 that TaxBit’s Consumer product generates.
What does an Expert Review entail?
An Expert Review will be a Video Call to discuss the topics covered under the scope of the TaxBit Expert Review. If you don’t wish to have a video call, there will be an option to dial in by phone. This review will be with a TaxBit SME (Subject Matter Expert) and a member of the Customer Experience Team. They will review the details of your submitted request with you. The length of the call will be a maximum of 30 minutes.
Pricing: The Expert Review has a cost of $400.
What topics are covered?
This following topics can be covered in an Expert Review:
- Impact of missing cost basis
- Impact of missing or incorrect price information
- Accounting methods
- Historical and Current
- Connected data sources
Our team will take a look at your account for common issues. They will then relay the potential impact the issues have on your account during your call.
Please Note: Our team will not be able to provide any specific troubleshooting or follow up support outside of the scope of our normal support operations. This service is intended to educate and empower you as an individual to properly use this self service tool.
How to set up a TaxBit Expert Review?
To set up a TaxBit Expert Review, you can fill out this Pre-Request Form HERE. Once you have accessed the form, you’ll need to answer all of the questions.
When you get to the question: “Have you used any other services to generate an 8949 historically that was reported to the IRS?” and if you answer “Yes”, you’ll be asked “Which accounting method(s) did you use when using those services?”. From there you’ll see the following accounting methods:
- Specific Identification - HIFO: Disposes of your highest cost basis lots of coins first
- Specific Identification - LIFO: Disposes of your lowest cost basis lots of coins first
- Specific Identification - FIFO: Disposes of your oldest cost basis lots of coins first
- FIFO (Not Source Specific): First in, First Out
- HIFO (Not Source Specific): Highest in, First Out
- LIFO (Not Source Specific): Last in, First Out
Specific identification allows you to select which assets you are disposing of. Specific ID means that each time you are disposing of your crypto asset, you are specifically identifying exact units you are selling from specific sources of data. For example, if you hold BTC on two exchanges, and you dispose of that BTC, Specific Identification would use cost basis lots that had been transferred or acquired on that specific source. In contrast, universal pooling essentially pools all of your accounts together. If you are unsure which accounting method was previously used, you can select Universal.
The description field is for pre-requested questions. This is where you can ask any questions that you have before your call. Any questions that are not requested and approved before the call will not be addressed.
Once you have submitted your Expert Review Form, our team will review your request. Once your request has been reviewed, we’ll get back to you with:
- An approval
- A rejection, meaning your request or needs don’t fit the scope of the review.
- A modification, for example, if some of your questions can’t be addressed by our team.
If your request is approved, you’ll be asked to agree to the charges of the TaxBit Expert Review of $400. If you accept, an invoice will be issued via our payment processor. Once the payment is successfully made, we will then provide you with availability based on schedules in order to schedule your call.
Terms and Conditions
Scope of service: The TaxBit Expert Review is designed to assist users in gathering pertinent information. The submission form is required to determine eligibility and gather context for a successful Expert Review. TaxBit’s Consumer App is designed to be used by individuals who need to report their Digital Asset Gains and Losses to the IRS. The application is not meant for business or enterprise use, and as such, we are unable to offer the Expert Review to anyone looking to use the application for anything but personal use. By signing up for the Expert Review offered by TaxBit, you acknowledge that this service does not include any follow up or additional troubleshooting services from TaxBit. Once the call has been completed, no further services will be provided beyond our standard support model offered to all customers. Cancellation: In the event that you would like to cancel an already approved, scheduled, and paid for Expert Review we will require at least 2 business days of notice from the scheduled appointment. Failure to show up for, or notify TaxBit of a cancellation request will result in no refund. Properly submitted cancellation requests will be honored and a full refund will be issued within 5-10 business days of confirmation that we’ve received your request.
Still have questions? You can interact with our Chatbot by selecting the Chat Widget located at the bottom right side of your screen, or fill out this form HERE to submit a support inquiry request. Our team is happy to help!
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