Thank you for the very colorful replies! I have talked with a CPA and got some useful advice.
@Carl @AmeliesUncle The s corp election is for tax purposes only and I am still considered an LLC (pass through). The s Corp status does not make me a corporation as I think was misunderstood. It just changes how I pay myself and I’m taxed. Otherwise I’m treated as an LLC.
So all that’s needed is to move my accounting over into the LLC and process payroll for my salary like a corporation would. However I’m still organized as pass through LLC with those reporting structures. I’ll have a schedule C for Q1 (which was before the LLC was formed).
