TaxStatus with Kevin Knull | E363

Enabling frictionless access to IRS Data.

In this episode Jason Pereira talks with Kevin Knull, President of TaxStatus, about the innovations TaxStatus is bringing to the field through its seamless data integration with the IRS. Kevin discusses how the company sources taxpayer data, with the consent of the taxpayer, to help clients make well informed financial decisions. He highlights the broader applications and benefits including financial advising, loan origination, and identity verification. The episode also covers the importance of identity security and Kevin's vision for enhancing the quality of financial advice using comprehensive insights derived from IRS data.

Episode Highlights:

  • 00:08: Jason Pereira welcomes Kevin Knull, president of TaxStatus, to discuss the role of his company in gathering IRS data to improve financial advising.

  • 00:39: Kevin explains how TaxStatus provides frictionless access to taxpayer data with consent, offering ongoing IRS account monitoring to help with tax and financial planning.

  • 01:23: Kevin talks about the foundation of TaxStatus, which was formed to address the challenges in obtaining taxpayer data from the IRS efficiently.

  • 02:25: Discusses the company's history and how TaxStatus evolved over time to serve multiple markets, focusing on wealth and tax verticals in recent times.

  • 04:41: Kevin Knull outlines the process of tying into the IRS, emphasizing the crucial step of obtaining taxpayer consent for data access.

  • 06:20: Kevin shares the extent of data pulled down from the IRS, offering a comprehensive picture of a taxpayer’s financial activities over the past decade.

  • 07:26: Jason expresses his amazement at the granular level of financial data available through TaxStatus.

  • 09:39: Kevin elaborates on various real-world use cases where this data proves beneficial, including lending, credit checks, financial advising, and more.

  • 12:42: Introduces the benefits of report generation that summarizes a taxpayer's financial data, facilitating better financial advice.

  • 15:06: Covers the importance of ongoing monitoring to prevent identity theft and fraudulent activities with real-time IRS updates.

  • 20:17: The discussion moves to the necessity of biometric authentication for addressing identity verification concerns in the financial landscape.

  • 23:33: Jason and Kevin discuss the potential impact of simplified financial advising by improving access to detailed data.

  • 26:15: Kevin talks about the challenges related to increasing awareness of TaxStatus’s solutions within the financial advisory industry.

Key Points:

  • The consent-driven model of TaxStatus offers comprehensive access to IRS data, which can critically enhance financial advising and decision-making.

  • Real-time monitoring by TaxStatus helps alert taxpayers and advisors about potential fraud and unexpected changes in tax records.

  • Empowering financial professionals with complete data from the IRS facilitates more accurate and holistic tax and financial planning.

  • The integration of biometric authentication may become essential in addressing modern identity security challenges in financial sectors.

Tweetable Quotes:

  • "Empowering decision-making with full transparency — that's the power of TaxStatus." – Kevin Knull

  • "A treasure trove of financial insights is available at your fingertips with TaxStatus, guiding you to informed decisions." – Jason Pereira

  • "Financial advisors should render advice on all available data, not just the easy-to-obtain." – Kevin Knull

  • "Identity theft is an inevitability; vigilance and best practices are your best defence." – Jason Pereira

Resources Mentioned:

Fintech ImpactJason PereiraFintech