> So there wouldn't be a need to issue 1099s when authorities can contact the bank directly. It's so the taxpayer is aware of what to report on their taxes and

> So there wouldn't be a need to issue 1099s when authorities can contact the bank directly. It's so the taxpayer is aware of what to report on their taxes and is aware of what is already being communicated. Just like a W2 employee get's a W2 so they can do their taxes. It's already been communicated to the government. As a taxpayer in our system, these documents basically serve to say "this is what the IRS knows already. When you file your taxes, you probably want to do so in a way that they can make sense of and sufficiently validates your tax payment as accurate"