Hi All. I have a client who is a partner in a real estate rental LLC. He was entitled to a 754 adjustment back in 2019, but the accounting firm that prepared the 1065 never made the election and will not go back and amend the return. Once I obtain the signed authorization and engagement letter to prepare the amended return to claim the 754 adjustment, do I need to wait for IRS approval before amending the partner's 1040? Any help would be appreciated.
Thanks
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Dominic Frandina
DOMINIC A FRANDINA CPA
Floral Park NY
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