TaxStatus, a provider of IRS-sourced financial data, has launched TaxStatus Observations, a capability that identifies opportunities for advice and gaps in client tax records.<\/p>\n
The tool uses IRS data to generate client-ready topics for planning conversations, and, according to the company, eliminates hours of manual advisor review previously necessary. Observations power the company\u2019s redesigned Financial Baseline report, which compiles a household\u2019s financial picture from source documents, including Forms 1099, W-2, 1065, 1120, 5498 and K-1.<\/p>\n
\u201cTaxStatus Observations does in moments what used to take a team days or weeks per household,\u201d said Kevin Knull, chief financial planner and chief executive officer of TaxStatus. “We\u2019re not replacing the advisor\u2019s judgment\u2014we\u2019re handing them an efficient analysis so they can spend their time advising clients instead of hunting through data.\u201d<\/p>\n
The capability evaluates client records against more than 175 observations across six advisory disciplines: financial planning, investment management, tax planning, estate planning, insurance, and banking and lending. It also detects nearly 50 multi-year life events, from job changes and business sales to retirement and inheritance.<\/p>\n