you must follow the late election procedures as outlined on page 2 of the form 2553 instructions.
SEE THE SECTION Relief for a Late S Corporation Election Filed By an Entity Eligible To Elect To Be Treated as a Corporation
The IRS will make the determination and send you a form that will tell you the year the election is effective. SEE THE SECTION Acceptance or Nonacceptance of Election
Instructions for Form 2553 (Rev. December 2020) (irs.gov)
some but not all payroll taxes can be avoided. taxed as an S-corp you must take reasonable salary
