Yes, the Form 3115 is used as a change in accounting for the depreciation that was not handled or used in previous tax returns. It can be combined on one tax return for the year you file it with your timely filed tax return (including extensions).
You do have time to amend if 2020 is the first year of the error in depreciation. The statute of limitations runs out April 15, 2024, or two years after the tax was paid whichever is later. If you miss the deadline, then Form 3115 will be the best option for you.
Lastly, you can complete your 2023 tax return correctly and you should, then you can file the 3115 with your 2024 tax return next year to include the depreciation you did not use on the earlier returns. I would suggest using a professional to help with the form if you choose to use it.
Depreciation in tax law is allowed or allowable, this means use it or lose it. When you have a future sale, you will recapture that expense, meaning you will reduce your cost basis before determining gain even though you didn't use the depreciation. For this reason the amendments or the Form 3115 is very useful to include any depreciation you did not use or expense in the earlier years. Generally, fines and penalties are assessed on tax balance due, however I will let Carl speak to additional fines that could be assessed and why.
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