Businesses that elect to become C Corps will face something in the United States called double taxation.
Double taxation is the process of two taxation methods being applied to an entity, at the shareholder level and business level.
First, the corporation will pay income tax through the use of Form 1120 which the entity will use to report their net profit and income tax liability for the year.
Then, the corporation also gets taxed at the shareholder level: any dividends or distributions from the corporation to any individual shareholder will be taxed through Form 1040 as a receipt of dividends, like other miscellaneous income.
Corporations, like other companies, may also be responsible for estimated tax payments on a quarterly basis. Corporations pay this tax through Form 1120-W.