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The election to be taxed as a corporation needed to be made by March 15, 2008 to be effective for the 2008 tax year. You can file Form 8832 now for the 2009 tax year. I have provided a link to the form with instructions below.
The upside is you had a good year.
Yes, if you elect by March 15th it can be effective as of January 1st (The sooner the better). You will need to pay reasonable salaries, withhold and remit taxes and file quarterly payroll tax reports. I you additionally elect S corporation status, the IRS is specifically looking at reasonable compensation See link below.
Once you file your Form 1040 without full payment, you will receive a notice of balance due from the IRS. They will also include information about setting up a payment plan. I have provided a link to the IRS web page that summarizes the situation and provides links to futher information.