Hey nessachu and imElites,
I ended up using a workaround with a couple plugins, which may or may not work for you, depending on how you use your custom taxonomies – though I’d share just in case. I use my custom categories as menu items and I downloaded the plugin Nav Menu Roles to restrict the ability to view/access those menu items based on whether a user is logged in. Meanwhile, my custom posts are accessible only to certain types of users using the Members plugin.
Hope that helps!