TaxStatus, a provider of secure, personalized data solutions derived from verified financials, has announced the introduction of two new productivity tools. These tools, the Tax Prep Checklist and Tax Return History, are designed to assist financial advisors, accountants, and tax preparers in enhancing accuracy, efficiency, and client preparedness for the upcoming 2025 tax filing season.
The TaxStatus Tax Prep Checklist is a client-facing resource intended for use by advisors and tax professionals. It aims to streamline client preparation for their 2025 tax return by identifying specific documents and information required based on the individual’s prior tax data. This approach differs from general checklists by pinpointing each specific tax document by category and taxpayer name, rather than offering broad instructions for forms like W-2s or 1099s. The checklist also facilitates obtaining client consent in January, establishing an early positive client interaction in the first quarter. Data for this tool is sourced directly from the IRS via a digital client consent process that takes less than one minute to complete.
The Tax Return History tool offers a year-by-year comparison of a client’s historical 1040 tax returns. It presents every line item from the IRS return transcript in a structured Excel format. This functionality enables professionals to analyze trends, identify discrepancies, improve tax planning strategies, and conduct detailed analysis of tax data efficiently.
Kevin Knull, CEO of TaxStatus, stated, “Our goal is to make verified IRS data more usable, more proactive, and more client-friendly. With the Tax Prep Checklist and Tax Return History tools, we’re giving professionals the ability to work more efficiently, more confidently, and with less errors, while helping clients approach tax filing with less stress and uncertainty.”
TaxStatus specializes in financial technology, offering frictionless access to IRS-Verified Financial data and continuous IRS account monitoring. The company’s solutions are tailored for financial professionals and their clients, providing consent-based access to individual, business, and trust tax records. This process is intended to remove common obstacles in tax and financial planning by providing a complete and accurate financial overview for taxpayers, thereby supporting advisors in delivering enhanced financial plans and advice.
