Do IRAs issue tax forms to account holders who are over 70.5 years old?

Yes. You are required to start taking out certain withdrawls from your IRA after reaching the age 70.5. The requirement is actually not that you make the actual withdrawls but that you pay tax on this amount as if you had made the withdrawl required. From a reality standpoint it is actually easier if you do take the withdrawl and put it into another account so that you can keep up with what amount has been taxed and what has not been taxed in your IRA account.