TaxStatus Tool Uses IRS Data to Speed Advisor Reviews

TaxStatus, a provider of IRS-sourced financial data, has launched TaxStatus Observations, a tool that surfaces client planning opportunities from tax records. The capability scans IRS data to generate topics for advisor conversations across financial planning, investments, tax, estate, insurance, and lending. According to the company, the tool replaces hours of manual review that advisors previously had to do on their own.

“TaxStatus Observations does in moments what used to take a team days or weeks per household,” said Kevin Knull, chief executive of TaxStatus. “We’re not replacing the advisor’s judgment. We’re handing them an efficient analysis so they can spend their time advising clients instead of hunting through data.”

The tool evaluates client records against more than 175 observations across six advisory disciplines. It also detects nearly 50 multi-year life events, including job changes, business sales, retirement, and inheritance. TaxStatus said the system uses deterministic rules, not artificial intelligence, and is validated against millions of real tax records.

Observations powers the company’s redesigned Financial Baseline report, which compiles a household’s financial picture from source documents such as Forms 1099, W-2, 1065, 1120, 5498, and K-1. The tool and the new report are available now to TaxStatus users.

The launch follows a series of moves by the company. In March, TaxStatus partnered with Advice.ai to integrate that platform’s tax planning strategies. In January, it released a Tax Prep Checklist and Tax Return History tool. In August 2025, Ric Edelman and Eric Clarke joined its board. TaxStatus was founded in 2017 and shifted its focus to wealth management and tax professionals in 2023.