Filing Schedule P for Delinquent Form 5500 for 2003

We are filing delinquent Form 5500 for 2003.  The instructions state that you can attach Schedule P to start the statute of limitations.  Is there any benefit to attaching the Schedule P for those early years?  What has everyone else been doing?  Thanks.

I think that ship might have already sailed. 

I believe there is an indefinite statute for failure to file a return.  There has to be some benefit to starting the 3 year statute by filing a return even if delinquent.

If one uses a Schedule P to start the running of the statute-of-limitations period on a retirement plan’s trust:

The limitations period does not begin to run until one has filed the tax return or information return.

While the IRS now counts a limitations period from the Form 5500, using the old year’s Schedule P likely can’t hurt and might help.

This is not advice to anyone.

Thanks Peter!  We were thinking along the same lines.  Filing Sched P will not hurt, but may help in the event of a tax controversy.  It is only a 10 min investment to prepare the Sched.