While you may be able to handle this yourself, I would concur with @Anonymous_ in spending some $$ to visit with a tax professional and get you on the right track. Especially the first year.
Here is the revenue procedure for handling late elections. Rev Proc 2013-30.
https://www.irs.gov/pub/irs-drop/rp-13-30.pdf
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
