Good ... I highly suggest you wait and complete the 2020 tax year as a sole prop and start the corp on 1/1/2021 ... make a clean break and start the payroll tax reports in the new tax year. You will need to get a new EIN which you can do first thing in Jan and ask for a start date of 1/1/21. And make the S-Corp election to start with on the SS-4.
https://www.irs.gov/businesses/small-businesses-self-employed/do-you-need-a-new-ein
Generally, businesses need a new EIN when their ownership or structure has changed. Although changing the name of your business does not require you to obtain a new EIN, you may wish to visit the Business Name Change page to find out what actions are required if you change the name of your business. The information below provides answers to frequently asked questions about changing your EIN. If, after reading the information below, you find that you need an EIN, please see How to Apply for an EIN.
Sole Proprietors
You will be required to obtain a new EIN if any of the following statements are true.
- You are subject to a bankruptcy proceeding.
- You incorporate.
- You take in partners and operate as a partnership.
- You purchase or inherit an existing business that you operate as a sole proprietorship.
