About
TaxStatus is a verified financial data platform built exclusively for financial advisors and tax professionals. By connecting directly to IRS data sources, TaxStatus eliminates the traditional bottleneck of client-uploaded documents, scanned forms, and incomplete financial pictures. Instead, advisors gain immediate access to the ground-truth data the IRS itself uses for audits and verification. The platform delivers a comprehensive Baseline Report that maps every financial account a client owns — IRAs, brokerage accounts, trusts — organized by custodian with account numbers and fair market values. Income Intelligence pulls W-2 wages, 1099 income, Social Security, retirement distributions, rental income, and business income into a single, categorized view ready for planning. TaxStatus also includes a Proactive Alerts system that notifies advisors of IRS audits, collections activity, penalties, fraud attempts, and refunds before clients even receive official letters. Its Tax Planning module provides 100+ bespoke, multi-strategy planning analyses powered by verified IRS data, each with executive summaries, compliance risk assessments, and implementation steps. Additional tools include K-1 Reports for pass-through income planning, Employment History Reports, personalized branded Tax Prep Checklists, and CAF Integration for importing existing clients and receiving instant tax transcripts. Client onboarding takes under 60 seconds via a single consent-link email, and the platform claims to uncover 250% more client assets on average — saving advisors 26 hours per client.
Key Features
- 100% IRS-Sourced Verified Data: Pulls client financial data directly from IRS systems — the same data used in audits — eliminating client-uploaded guesswork and incomplete pictures.
- Complete Account & Income Visibility: Surfaces every financial account (IRA, brokerage, trust) and every income source (W-2, 1099, Social Security, rental, business) in a single consolidated dashboard.
- Proactive IRS Alerts: Notifies advisors of audits, collections, penalties, fraud attempts, and refunds across their entire client base before clients receive IRS correspondence.
- 100+ Tax Planning Strategies: Generates bespoke, multi-strategy tax planning reports with executive summaries, compliance risk assessments, and step-by-step implementation guidance powered by verified data.
- One-Click Client Onboarding: Onboards clients in under 60 seconds via a single consent-link email — no document scanning, uploading, or back-and-forth required.
Use Cases
- Financial advisors using TaxStatus to walk into prospect meetings with a complete financial baseline already in hand, eliminating weeks of document collection before planning can begin.
- Tax professionals sending branded, personalized tax prep checklists to every client before tax season — pre-populated with each client's actual employers, accounts, and expected forms.
- Advisory firms running comprehensive tax planning analysis across their entire client base in minutes to identify and prioritize clients with the highest potential tax savings.
- Wealth managers monitoring all clients for IRS audits, collections, or penalties through a single dashboard, enabling proactive outreach before clients receive official notices.
- RIAs using TaxStatus's CAF integration to import existing clients and instantly receive IRS tax transcripts, accelerating onboarding for firms transitioning from legacy workflows.
Pros
- Eliminates Document Collection Friction: Advisors no longer need to chase clients for tax returns or account statements — IRS-sourced data arrives instantly via a single consent link.
- Uncovers Hidden Assets and Income: The platform surfaces accounts and income sources clients may forget to disclose, reportedly uncovering 250% more assets than traditional discovery methods.
- Scalable Across the Entire Client Base: Comprehensive tax planning and monitoring can be run across all clients simultaneously, enabling firms to prioritize high-value opportunities at scale.
- Proactive Risk Management: Early IRS alert notifications let advisors address audit or collections issues before clients are aware, strengthening trust and reducing fiduciary risk.
Cons
- Enterprise-Focused Pricing: Pricing is geared toward larger advisory firms and enterprises, which may make it cost-prohibitive for solo practitioners or very small practices.
- Requires Client Consent: Clients must actively click a consent link to authorize IRS data access, meaning adoption depends on client willingness to participate.
- US-Only Applicability: The platform is built entirely around IRS data, limiting its use to US-based clients and advisors — international practices cannot leverage the core functionality.
Frequently Asked Questions
Where does TaxStatus get client financial data?
TaxStatus pulls data directly from the IRS — the same data source the IRS uses to verify tax returns and conduct audits. This is not client-estimated or client-uploaded information; it is the authoritative financial record.
Do clients need to upload documents or scan forms?
No. Clients simply click a unique consent link sent via email. Once they authorize access, TaxStatus retrieves all their verified IRS data automatically — no scanning, uploading, or document hunting required.
How long does client onboarding take?
Client onboarding takes under 60 seconds from the moment the consent link is clicked. Advisors gain access to a complete financial baseline immediately after consent is granted.
What types of accounts and income does TaxStatus surface?
TaxStatus surfaces all financial accounts (IRAs, brokerage accounts, trusts, and more) organized by custodian, plus all income sources including W-2 wages, 1099 income, Social Security, retirement distributions, rental income, and business income.
Can TaxStatus alert advisors to IRS issues before clients know about them?
Yes. TaxStatus monitors each client's IRS standing and sends proactive alerts for audits, collections activity, penalties, fraud attempts, and refunds — often before the client receives an official IRS letter.
