personally, I think changing to an S-Corp without consulting with a tax pro is a big mistake. An S-corp shareholder must take a salary and thus register with the IRS so payroll tax can be deposited if your state has income taxes you'll need to register with them also. There are also state and federal unemployment compensation taxes based on wages up to a limit. registration for the state is sometimes separate from registration for state withholding taxes. your state may require the S-Corp to carry workmen's compensation insurance. even if you are the only employee. there can be severe penalties for failure to carry it. There are many other pros and cons to consider and the pro can guide you in keeping proper records
the problem with now filing a S-corp election to be effective for 2019, see late election relief is that the return was due 3/15/2020 - there was no extension like for individuals. so If late election is granted, you may face $1,000 or more in penalties for kate filing.
if you want to proceed file forms 8332 and 2553 with the IRS
https://www.irs.gov/pub/irs-pdf/f8832.pdf
When To File
Generally, an election specifying an eligible
entity’s classification cannot take effect more
than 75 days prior to the date the election is
filed, nor can it take effect later than 12
months after the date the election is filed. An
eligible entity may be eligible for late election
relief in certain circumstances. see Late Election Relief, later.
Part II. Late Election Relief
Complete Part II only if the entity is requesting
late election relief under Rev. Proc. 2009-41.
An eligible entity may be eligible for late
election relief under Rev. Proc. 2009-41,
2009-39 I.R.B. 439, if each of the following
requirements is met.
1. The entity failed to obtain it's requested
classification as of the date of its formation (or
upon the entity's classification becoming
relevant) or failed to obtain it's requested
change in classification solely because Form
8832 was not filed timely.
2. Either:
a. The entity has not filed a federal tax or
information return for the first year in which
the election was intended because the due
date has not passed for that year's federal tax
or information return; or
b. The entity has timely filed all required
federal tax returns and information returns (or
if not timely, within 6 months after its due
date, excluding extensions) consistent with its
requested classification for all of the years the
entity intended the requested election to be
effective and no inconsistent tax or
information returns have been filed by or with
respect to the entity during any of the tax
years. If the eligible entity is not required to
file a federal tax return or information return,
each affected person who is required to file a
federal tax return or information return must
have timely filed all such returns (or if not
timely, within 6 months after its due date,
excluding extensions) consistent with the
Form 8832 (Rev. 12-2013) entity's requested classification for all of the
years the entity intended the requested
election to be effective and no inconsistent
tax or information returns have been filed
during any of the tax years.
3. The entity has reasonable cause for its
failure to timely make the entity classification
election.
4. Three years and 75 days from the
requested effective date of the eligible entity's
classification election have not passed
https://www.irs.gov/pub/irs-pdf/f2553.pdf
https://www.irs.gov/pub/irs-pdf/i2553.pdf
note that because the 2019 return has not been filed timely, the IRS might not grant S-Corp status until 2020
