TaxStatus Company Profile

Background

Overview

TaxStatus is a fintech company founded in 2017, headquartered in Frisco, Texas. The company specializes in providing financial professionals and their clients with frictionless, permission-based access to IRS tax data, planning insights, and ongoing IRS account monitoring. By integrating directly with the IRS, TaxStatus delivers comprehensive financial snapshots, enabling advisors to offer more accurate and efficient financial planning services.

Mission and Vision

TaxStatus aims to revolutionize financial services by eliminating traditional barriers to tax and financial planning through seamless access to verified IRS data. The company's vision is to empower financial advisors with complete and accurate financial information, thereby enhancing the quality of advice and improving client outcomes.

Primary Area of Focus

The company's primary focus is on streamlining the financial planning process by providing advisors with direct access to comprehensive IRS data. This includes income sources, asset activity, tax efficiency insights, and account details, all sourced directly from the IRS.

Industry Significance

In the financial services industry, TaxStatus stands out by offering a unique solution that addresses the inefficiencies associated with traditional data collection methods. By providing real-time, verified financial data, TaxStatus enhances the accuracy and efficiency of financial planning, setting a new standard for data-driven financial advisory services.

Key Strategic Focus

Core Objectives

• Enhancing Financial Planning Efficiency: By providing direct access to IRS data, TaxStatus aims to eliminate the time-consuming process of gathering and verifying financial information, allowing advisors to focus more on strategic planning.

• Improving Data Accuracy: The company seeks to ensure that financial advisors have access to the most accurate and up-to-date financial information, leading to better-informed advice and decisions.

• Expanding Market Reach: Through strategic partnerships and integrations, TaxStatus aims to broaden its user base and integrate its solutions into various financial advisory platforms.

Specific Areas of Specialization

• IRS Data Integration: TaxStatus specializes in integrating directly with the IRS to provide verified financial data, including income sources, asset holdings, and tax information.

• Financial Data Analytics: The company offers tools that analyze over 3,000 data points per taxpayer, uncovering held-away assets, business ownership, real estate holdings, and other financial details.

• Continuous Account Monitoring: TaxStatus provides ongoing monitoring of clients' IRS accounts, alerting advisors to tax liabilities, refunds, audits, or filing discrepancies before clients receive official notices from the IRS.

Key Technologies Utilized

• Direct IRS Integration: Utilizing secure, permission-based access to IRS data, TaxStatus ensures real-time and accurate financial information.

• Data Analytics Platforms: The company employs advanced analytics to process and interpret large volumes of financial data, providing actionable insights for advisors.

• API Integrations: TaxStatus integrates with various financial advisory platforms through APIs, enabling seamless data flow and enhancing the functionality of partner services.

Primary Markets or Conditions Targeted

• Financial Advisors and Wealth Management Firms: TaxStatus provides tools that enhance the efficiency and accuracy of financial planning for advisors serving high-net-worth individuals.

• Educational Institutions: Through partnerships like the one with VenturEd Solutions, TaxStatus aims to simplify the financial aid application process for private K-12 schools by providing direct access to IRS data.

Financials and Funding

Funding History

TaxStatus has secured funding from several investors, including The Founders Arena and JAM FINTOP. The company has participated in multiple funding rounds, with the most recent being a Non-equity Assistance round.

Total Funds Raised

Specific details regarding the total funds raised by TaxStatus are not publicly disclosed.

Notable Investors

• The Founders Arena: An investment firm known for supporting innovative fintech companies.

• JAM FINTOP: A venture capital firm specializing in financial technology investments.

Intended Utilization of Capital

The capital raised is intended to support the development and expansion of TaxStatus's platform, enhance data analytics capabilities, and facilitate strategic partnerships to broaden the company's market reach.

Pipeline Development

Key Pipeline Candidates

TaxStatus continues to develop and refine its suite of tools designed to integrate IRS data into financial advisory services. This includes the Financial Baseline Report, which provides a comprehensive view of a client's financial standing sourced directly from the IRS.

Stages of Clinical Trials or Product Development

As a fintech company, TaxStatus does not engage in clinical trials. Instead, the company focuses on the continuous development and enhancement of its financial data integration and analytics tools.

Target Conditions

The company's tools are designed to address challenges in financial planning, such as data inefficiencies, inaccuracies, and the complexities of managing diverse financial portfolios.

Relevant Timelines for Anticipated Milestones

TaxStatus regularly updates its platform and introduces new features to enhance user experience and data accuracy. Specific timelines for upcoming milestones are typically announced through official press releases and company communications.

Technological Platform and Innovation

Proprietary Technologies

• IRS Data Integration Platform: A secure system that allows for direct, permission-based access to IRS data, ensuring real-time and accurate financial information.

• Data Analytics Engine: An advanced engine that processes and analyzes over 3,000 data points per taxpayer, providing comprehensive financial insights.

Significant Scientific Methods

• Data Aggregation and Analysis: TaxStatus employs sophisticated algorithms to aggregate and analyze large datasets, uncovering held-away assets, business ownership, real estate holdings, and other financial details.

• Continuous Monitoring Algorithms: The company utilizes algorithms that monitor clients' IRS accounts in real-time, alerting advisors to tax liabilities, refunds, audits, or filing discrepancies before clients receive official notices from the IRS.

AI-Driven Capabilities

TaxStatus has integrated its platform with AI solutions, such as the partnership with Jump, to provide advisors with IRS-verified financials within their AI advisor platform. This integration allows advisors to access real-time financial insights, enhancing the efficiency and accuracy of financial planning.

Leadership Team

Key Executive Profiles

• Kevin Knull, CFP® – CEO: With extensive experience in financial planning and technology, Kevin leads TaxStatus, focusing on integrating IRS data into financial advisory services.

• Eric Clarke – Board Member: Founder and former CEO of Orion Advisor Solutions, Eric brings expertise in financial technology and investment solutions to TaxStatus.

• Ric Edelman – Board Member: Founder of Edelman Financial Engines, Ric has decades of experience in democratizing financial planning and offers strategic guidance to TaxStatus.

Leadership Changes

In August 2025, TaxStatus announced the appointment of Eric Clarke and Ric Edelman to its Board of Directors, enhancing the company's strategic direction and industry expertise.

Competitor Profile

Market Insights and Dynamics

The financial data integration and analytics market is experiencing significant growth, driven by the increasing need for accurate and real-time financial information in financial planning. Companies like TaxStatus are at the forefront of this trend, offering innovative solutions that streamline data access and enhance advisory services.

Competitor Analysis

• Jump: An AI assistant and intelligence engine for financial advisors, Jump integrates with platforms like TaxStatus to provide IRS-verified financials within its advisor platform.

• Zocks: A competitor in the financial data integration space, offering tools that aim to simplify financial data access for advisors.

• HighRadius: Specializes in financial technology solutions, including data integration and analytics, serving a broad range of financial services firms.

Strategic Collaborations and Partnerships

• Jump Integration: TaxStatus has integrated its platform with Jump, enabling advisors to access IRS-verified financials within their AI advisor platform, enhancing the efficiency and accuracy of financial planning.

• VenturEd Solutions Partnership: Through this partnership, TaxStatus provides direct access to IRS data for private K-12 schools, streamlining the financial aid application process.

• Silver Oak Securities Collaboration: This partnership offers independent financial advisors direct access to IRS-verified financial data and continuous account monitoring, improving client onboarding and planning.

Operational Insights

Strategic Considerations

TaxStatus operates in a competitive landscape, differentiating itself through its direct integration with the IRS and comprehensive data analytics capabilities.