TaxStatus
TaxStatus is a paid web and API platform for financial advisors and tax professionals.
What TaxStatus is
TaxStatus is a paid web and API platform for financial advisors and tax professionals. It retrieves verified, IRS-sourced client financial data without asking clients to scan or upload documents. Accounts are organized by custodian, with account numbers and fair market values shown. Income reporting can include W-2 wages, 1099 income, Social Security, retirement distributions, rental income, and business income. Professionals can receive alerts about audits, collections activity, penalties, fraud attempts, and refunds. Reports cover K-1s, employment history, assets and liabilities, brokerage transactions, and year-over-year tax summaries. TaxStatus describes more than 100 bespoke, multi-strategy tax planning strategies using verified IRS data. Professionals can link a CAF, import clients, and obtain IRS tax transcripts in bulk PDF format. Clients can verify identity and consent through ID.me, a unique consent link, IRS 1-Click, or a wet-signed form, and can revoke consent. Plans start at $75 a month, with no free plan.
Good
- IRS-sourced verified client financial data
- Reports cover multiple income and account types
- Alerts for audits, penalties, fraud, and refunds
- CAF linking and bulk PDF transcripts
- Scenario and capital gains modeling
Watch out
- No free plan
- Starter has a one-year commitment
- Additional client charges apply on Starter
- Firm costs $1,000 a month
Who it suits
TaxStatus suits financial advisors and tax professionals needing IRS-sourced client data, reporting, alerts, and tax planning. Its API also suits businesses collecting customers’ IRS data.
Verdict
TaxStatus combines IRS data retrieval, reporting, alerts, consent options, and tax planning in one platform. Its paid plans and yearly commitments are important considerations for prospective users.
Plans and prices
From TaxStatus's own pricing page, checked 3 Oct 2001.
| Plan | Price | What it gives you |
|---|---|---|
| Starter | $75 a month | Up to 30 clients included · + $2 / mo per additional client · 1 firm · 1 workspace included · 1-year commitment · $900 / year · paid monthly |
| Firm | $1,000 a month | Up to 240 households included · + $4 / mo per additional household · 1 firm · Unlimited workspaces · Premium onboarding · SSO · Early access to Planning & new features · 1-year commitment · or $10,000 / year · paid annually |
The facts
Each one read from TaxStatus's own pages, with the date it was checked.
What it does
- Account visibility
- The platform organizes clients’ financial accounts by custodian and shows account numbers and fair market values.checked 3 Oct 2001
- API
- Developers can use the Tax Data API through their own interface or use TaxStatus’s consent process.checked 3 Oct 2001
- CAF integration
- Professionals can link their CAF, import clients, and receive IRS tax transcripts in bulk PDF format.checked 3 Oct 2001
- Client onboarding
- Clients can verify identity and consent through a secure ID.me flow in under 60 seconds.checked 3 Oct 2001
- Consent options
- The security page says clients can authorize access with a unique consent link, IRS 1-Click, or a wet-signed form, and can revoke consent at any time.checked 3 Oct 2001
- Income data
- Income reporting includes W-2 wages, 1099 income, Social Security, retirement distributions, rental income, and business income.checked 3 Oct 2001
- Infrastructure
- The security page describes AWS virtual private clouds, 99.9% uptime, multi-zone redundancy, DDoS protection, and continuous monitoring.checked 3 Oct 2001
- Intended users
- The product is presented for financial advisors and tax professionals, and its API is offered to businesses collecting customers’ IRS data.checked 3 Oct 2001
- IRS alerts
- TaxStatus can alert professionals to audits, collections activity, penalties, fraud attempts, and refunds.checked 3 Oct 2001
- Other reports
- Reports include K-1, employment history, assets and liabilities, brokerage transactions, and year-over-year tax summaries.checked 3 Oct 2001
- Security
- TaxStatus says it is SOC 2 Type II certified with annual audits and uses AES-256 and TLS 1.3 encryption.checked 3 Oct 2001
- What it does
- TaxStatus retrieves IRS-sourced, verified client financial data for financial advisors and tax professionals without requiring clients to scan or upload documents.checked 3 Oct 2001
The company
- Founded
- 2017checked 28 Sep 2001
Money
- Plan billing and users
- Starter and Firm are charged on the first of each calendar month, renew after a one-year term, and include unlimited team members with individual logins.checked 3 Oct 2001
- Tax planning
- The site describes more than 100 bespoke, multi-strategy tax planning strategies powered by verified IRS data.checked 3 Oct 2001
Alternatives to TaxStatus
- 1
Instead
Free planWeb7.4$30, paid once - 2
TaxCalc
LinuxmacOSWindows6.9From £3.50 a month - 3
Taxottic
Free planAndroidiOSWeb6.7From $4.08 a month - 4
TaxMoov
Free planWeb6.6$29, paid once - 5
Catalyst Tax Insights
Free planWeb6.5From $4.08 a month - 6
Bloomberg Tax
WebAPIWindows6.3