Question
ERC amended K-1
Client brings a new K-1 for 2020, generated because his scorp amended for erc. He is expecting one for 2021 soon. It seems the preparer made some other corrections also so basis is changed.
The new k-1 changes his basis but not his personal tax at all due to very large losses. Do I still need to do a 1040x for 2020? Or just update the basis sheet for future years?
