TaxStatus Launches IRS-Sourced Data Tools for Advisors
TaxStatus, a provider of IRS-sourced financial data, has announced general availability of its Discovery and Client Connector tools, giving advisory firms a continuously refreshed view of clients’ financial lives drawn directly from IRS records.
The two products are meant to replace reliance on client questionnaires, aggregator logins and scanned PDFs, according to the company. Kevin Knull, the CEO of TaxStatus, said the launch allows firm leaders to calculate wallet share by household and account, identify growth opportunities within an existing client base, and assign named lists of opportunities to relationship owners rather than relying on guesswork.
According to the company, TaxStatus Discovery runs more than 160 checks across every authorized client, organized into 11 categories including growth, retention, investment management, banking, tax, retirement, business owners, estate, insurance, IRS resolution and operations.
Each finding includes metrics, methodology and a client-level list, with an “Ask” feature linking advisors to a household’s records through a firm’s AI assistant (if they have one).
To enable the “Ask” feature, TaxStatus’s Client Connector, built on the open Model Context Protocol, lets compatible AI assistants, including Claude, ChatGPT and Microsoft Copilot, where firms have enabled such supported connections, query data on individual clients or an entire book. Every call is logged, and firms control which tools receive data, according to the company.
TaxStatus said its analysis of 447 products on the Kitces AdvisorTech Map found it can populate 72% of the client financial fields those products use.
According to TaxStatus, when client-authorized IRS data has been enabled, it can allow firms to measure organic growth opportunities within their existing client base more precisely than previously possible.
The company said every IRA, income-producing bank and brokerage account, workplace plan, mortgage and, starting in tax year 2025, every digital-asset sale through a broker is reported to the IRS by name and account number. The Discovery tool uses those forms to build a household-by-institution inventory of a firm’s entire book. Once a firm identifies its own custodians, it can calculate a wallet-share figure for each household, including the value of assets held elsewhere and by whom.
“The industry has argued for 20 years about which planning tool, which CRM and which AI assistant is best,” Knull said in a prepared statement. “None of it matters if the data underneath is incomplete. The firms that leverage this wealth of data will serve more of each client’s needs, gather more of each client’s assets, and give better advice than anyone who waits. It is truly a turning point.”
TaxStatus said most firms using its platform identify more than 2 1/2 times as many assets and accounts as they currently manage, according to the company.
The company said the same data can also be used to prepare advisors ahead of client meetings, generating discussion points ranked by dollars at stake, deadline and irreversibility. Examples cited by the company include a Roth conversion window tied to a zero federal tax bill, a Medicare premium adjustment that could save about $5,000 a year, and digital-asset proceeds reported on a 1099-DA that were omitted from a tax return.
TaxStatus launched Observations, a capability that identifies opportunities for advice and gaps in client tax records in July.
In September, TaxStatus won a 2026 Wealth Management Industry Award in the Industry Disruptor category.
TaxStatus provides transparent pricing on its website and costs $10,000 per year or $1,000 per month for one-year commitment (out of the box the subscription supports up to 240 households and is $48 per additional household).
