Custodian: What It Means in Banking and Finance
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Form 1099 Used to report various types of income to the IRS, including interest, dividends, and non-employee compensation. Businesses must issue Form 1099 to individuals who receive $600 or more in certain payments. Banks, credit unions, broker-dealers, and other financial services companies are primarily responsible for reporting certain transactions. Transactional reporting to the Treasury is a critical component of the U.S. financial regulatory landscape. By mandating that financial transacti
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