TaxStatus, a provider of IRS-sourced financial data for financial advisors and CPAs, has announced an exclusive partnership with Advice.ai to integrate advanced AI-powered tax planning capabilities into the TaxStatus Verified Financials platform. The collaboration aims to help financial professionals uncover personalized tax, financial and estate planning opportunities by combining artificial intelligence with comprehensive, verified financial data sourced directly from the Internal Revenue Service.
The partnership addresses a major challenge in the growing use of artificial intelligence within financial advisory services: the quality and completeness of the data that powers AI insights. While many AI tools rely on information manually uploaded by clients, this process can be incomplete and often leads to gaps in the data used for financial advice. According to industry observations, a significant portion of clients fail to provide all necessary tax information, which can lead to inaccurate recommendations when advisors rely solely on uploaded tax returns.
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TaxStatus addresses this challenge by retrieving verified financial information directly from the Internal Revenue Service with the client’s consent. The platform gathers historical and ongoing financial records covering individuals, businesses, trusts and estates, as well as third-party reports submitted to the IRS by employers, financial institutions and custodians. This approach allows advisors to access a more comprehensive financial dataset for each client household, creating a stronger foundation for analysis and planning.
By integrating this verified data with Advice.ai’s artificial intelligence engine, the platform can automatically evaluate a wide range of tax planning strategies and surface relevant opportunities for advisors. The AI engine applies a proprietary library of tax, financial and estate planning strategies that are based on structured calculations and direct references to tax regulations. This process enables advisors to identify actionable strategies tailored to each client’s financial situation without relying on speculative or generic recommendations.
Traditionally, tax planning for many clients has focused on reviewing only a few common strategies, such as Roth conversions or charitable contribution vehicles. Through this integration, the TaxStatus platform now launches with more than one hundred tax and estate planning strategies, with plans to expand the library to several hundred strategies in the near future. Because the platform analyzes the entire financial household—including business entities, real estate holdings and trust structures—it can evaluate a broad range of strategies from straightforward retirement contributions to more complex approaches such as property exchanges, conservation easements and specialized investment programs.
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Kevin Knull, CEO of TaxStatus and co-founder of Advice.ai, explained that the partnership bridges the gap between artificial intelligence and reliable financial data. He noted that while AI may have the computational intelligence to analyze complex scenarios, it requires complete and verified data to generate meaningful recommendations. By combining a decade of tax data with AI-driven analysis, the platform enables advisors to deliver more precise and personalized financial guidance to their clients.
The system also dramatically reduces the time required to analyze complex planning opportunities. Strategies that once required many hours of manual analysis can now be evaluated within minutes. According to the companies, the platform effectively replaces what could amount to more than a thousand hours of professional research for each client household while ensuring that strategies remain updated as new financial data is reported to the IRS.
Brian Pierson, president and co-founder of Advice.ai, emphasized that the platform was designed to help financial professionals scale their advisory services while maintaining analytical rigor. Instead of relying on generative AI outputs that may produce speculative insights, the Advice.ai system uses structured calculations and tax code references to evaluate planning strategies with precision.
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The collaboration is already gaining traction within the wealth management industry. Hightower Advisors has signed an enterprise-level agreement with TaxStatus and will serve as an early adopter of the platform. According to Larry Restieri, CEO of Hightower Advisors, the partnership will provide advisors with deeper visibility into their clients’ financial situations and help them deliver more proactive and holistic financial advice across their client base.
As financial advisory firms increasingly adopt artificial intelligence to enhance planning and analysis, the integration of verified financial data with AI-powered strategy evaluation could help set a new standard for tax and estate planning. By combining reliable data sources with automated analysis, platforms like TaxStatus and Advice.ai aim to give advisors the tools they need to deliver more informed guidance while strengthening the overall client experience.
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