Cost Basis Tracking Setting - Allow users in the US to change from Per Wallet to Universal
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Sam - CoinTracker
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Thank you all for your feedback! The “universal” tracking method is now available again on CoinTracker via your settings page (web only).
Per details outlined in our “per-wallet” migration FAQ guide, we still recommend that users stay on the “per-wallet” tracking method for greater accuracy and alignment with upcoming regulations.
Please note that the accounting engine improvements, such as the tax implications of fees and transaction balancing, still impact your transactions from all tax years. You may still see some changes in capital gains calculations in past years as a result.
CT-NqKaGxXB
Hoping that Australians are not forced to track on a per wallet basis. The amount of ongoing work that goes into ensuring my cointracker account is up to date and tracking everything correctly is already stupidly extensive and any forced change preventing me from tracking on a universal basis across all wallets would lead to me throwing my hands in the air, never paying cointracker for their services again and just making up some bs on my tax return.
Please do not make changes to the system without considering the implications to your users. If you want to implement drastic changes like this, users should have the ability to toggle the setting on & off themselves if they please.
CT-NqKaGxXB
In addition to this, users should have the ability to lock individual transactions and all transactions within a given financial year.
Its ridiculous that every time tax time rolls around I have to review all transactions again to ensure no new errors have appeared
C
CT-MQzVZWJQ
So cointracker’s answer to the problems they’ve created is to offer a tax pro who probably costs minimum 5k and pretend the customer created the problems when everyone knows it’s the updates? If y’all don’t fix what you’ve broken quickly, you’ll be lucky to have any customers left.
C
CT-MQzVZWJQ
The new accounting method is a disaster. You should revert to the old method til you figure this out. As of now CoinTracker is essentially unusable. It’s spreading fast online how bad this is, so I’d suggest fixing it quickly before all your clients disappear.
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CT-JQA3myO3
How could you do this to us??? I switched it back to Universal and my old returns are still messed up. Drastically different gains and losses for prior years, hundreds of Needs Review for those years. You HAVE to put the old accounting system back -- for the past years AT LEAST. It is unbelievable what you have done here. Every year is a mess. This is a full on disaster
Sam - CoinTracker
complete
Thank you all for your feedback! The “universal” tracking method is now available again on CoinTracker via your settings page (web only).
Per details outlined in our “per-wallet” migration FAQ guide, we still recommend that users stay on the “per-wallet” tracking method for greater accuracy and alignment with upcoming regulations.
Please note that the accounting engine improvements, such as the tax implications of fees and transaction balancing, still impact your transactions from all tax years. You may still see some changes in capital gains calculations in past years as a result.
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CT-RXPB1nlq
So...I saw the setting to switch back to Universal, and did that, but everything is still all messed up. I was literally ready to export and had spent so many hours manually updating things to get it straight and this change just wiped it all out? How can I get a refund? I'm just going to start over with another service.
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CT-ZOV2wKVO
Terrible timing + lack of communication on Cointrackers part is ridiculous. Do better you fools. Revert back to Universal! We don't have time for this.
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CT-3qpowEpO
Updates should NEVER reflect a change to a user's previous tax calculations & returns filed based on the reporting your services provided UNLESS a user "opts in"!! Standard accounting principles and processes "lock" the closing date of work that has been reconciled and reported on! Changes are not allowed in most cases without consent and or unless double confirmed by the user that they know they are making changes that could affect previous reporting. Specifically to prevent the exact situation your update has now caused for everyone. ANYONE allowing this to happen is just ignorant or arrogant and should be fired! WE NEED OUTBOUND COMMUNICATIONS FROM MANAGEMENT!
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CT-EXmK5Rxq
I have also spent a significant amount of time manually correcting errors in prior years. All of that work has been nulled. Prior returns are also showing highly inaccurate numbers. Transfers from coinbase to cold wallet (pub key synced) are throwing errors even though CT has the Tx Id and i can see the data is absolutely correct on chain. It is unbelievable that CT pushed through this change right as tax season hits. Please add back the universal tracking for US residents.
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Dean
This clearly doesn't make sense, messes up everyone's current AND previous tax filings, and is terribly timed. For what? So exchange forms perfectly match tax reports? If that was sufficient then this entire platform wouldn't be needed. Please revert back.
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