TaxStatus announced the launch of Planning Observations, a new capability that automatically identifies timely advice opportunities and advice gaps from a client’s tax records. TaxStatus is a provider of IRS-sourced financial data for financial advisors and CPAs.
Planning Observations is designed to transform raw IRS data and information returns into a prioritized, client-ready roadmap of planning conversations.
The company said this type of work has traditionally required hours of line-by-line manual review for every client and prospect. Planning Observations powers TaxStatus’ redesigned Financial Baseline report.
The Financial Baseline report is a consolidated, client-facing deliverable that compiles a household’s financial picture and flags items that warrant a conversation with an advisory team. The report draws from source documents including IRS data, Forms 1099, W-2, 1065, 1120, 5498, K-1, and other records.
TaxStatus said the new capability can help advisors and CPAs reclaim time that would otherwise be spent on manual analysis across their client base. The company also said Planning Observations can help professionals surface proactive advice opportunities, including time-sensitive items tied to recent life events.
The capability is also designed to close advice gaps by systematically identifying planning issues that manual review may miss. Planning Observations evaluates each client’s records against more than 175 distinct observations across six advisory disciplines. Those disciplines include financial planning, investment management, tax planning, estate planning, insurance, and banking and lending.
The capability also detects nearly 50 multi-year life events, including a job change, business sale, home purchase, retirement, inheritance, or the onset of long-term care. Each observation is mapped to a specific advice opportunity that the advisor or CPA can act on.
TaxStatus said the product does not use artificial intelligence.
Instead, Planning Observations uses deterministic, rules-based logic built from tax and financial-planning domain expertise.
The company said the logic has been validated against millions of real tax records on file with TaxStatus. Because the system is rules-based rather than generative, TaxStatus said each observation is transparent, repeatable, and traceable to the specific data that triggered it.
Planning Observations and the new Financial Baseline report are available now to TaxStatus users. TaxStatus’ Verified Financials platform retrieves official tax and financial data directly from the IRS system of record.
KEY QUOTE:
“Planning Observations do in moments what used to take a team days or weeks per household. 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. For a firm with hundreds of clients, that’s thousands of hours given back, and a measurable lift in the quality and timeliness of the advice they deliver.”
“This is only possible because of a combination of two things competitors don’t have: deep, hard-won domain knowledge across advisory disciplines, and millions of actual tax records to build and validate against. That combination is what lets us deliver precision without guesswork — and without AI.”
Kevin Knull, CFP, CEO of TaxStatus
