If a unions fiscal year ends November 30 and the trusts fiscal year ends December 31, for which fiscal year of the trust should the Form T-1 be filed?
A. The Form T-1 will be for the trust’s fiscal year that ended 14 months prior to the due date of the union’s Form LM-2. For example, the union’s first Form T-1 will be due in February 2009. The trust’s first fiscal year beginning on or after January 1, 2007 ends December 30, 2007. Therefore, it ends during the union’s fiscal year that begins on December 1, 2007 and ends on November 30, 2008. The union’s Form LM-2 and the Form T-1 are due 90 days later in February 2009. Q. If a trust begins filing a Form 5500 for its fiscal year ending 12/31/2007, which is not due until 10/15/2008, what is the responsibility of a labor organization on 3/31/2008 if its fiscal year ends on 12/31/2007? A. If the Form 5500 has not been filed, or accepted as complete, when the reporting union’s Form LM-2 is due, the union may indicate, in Item 69, that a Form 5500 will be filed. The union should also indicate whether a Form 5500 was filed for the previous year and enter the three-digit plan number as well a
Related Questions
- If a union did not create or establish a trust, but selects one or more of the trustees, does it file a terminal Form T-1 if it ceases to select a trustee?
- If a unions fiscal year ends November 30 and the trusts fiscal year ends December 31, for which fiscal year of the trust should the Form T-1 be filed?
- Who is going to verify the information filed on Form T-1? Why is the burden placed upon the union?
