fbpx

Corporate Taxes
Payroll records, sales tax, and a history of each shareholders’ interactions with your financial records. It can be a lot to handle. The experts at Insogna CPA are here to help.

A C-Corporation (or C-Corp, for short) is a legal entity with a very distinctive business structure. For federal income tax purposes, a C-Corporation is recognized as a separate taxpaying entity and can only distribute monies either through payroll or dividends.

In a corporation, prospective shareholders exchange money, property, or both, for shares of the corporation’s capital stock. With this many people involved, the tax process for corporations can be a bit complex.

What is a C Corporation image A
How does a C Corp get taxed iamge

When a C-Corporation is taxed, it is taxed twice – At the corporation level (currently 21%), and then to distribute any money to officers/shareholders is taxed through payroll salary and/or when dividends are distributed. The dividends are taxed at the individual level, just like getting a dividend from a share of stock owned by a public corporation trading on Wall Street.

Sounds harsh, right? It may seem that way, but there are still benefits to filing as a C-Corp for small businesses, like:

When you have or are potentially looking to take venture capital investment – these investors don't want a K1 passing through income/losses to them.

If you have a large number of investors, you don't want to be issuing a K1 tax form to them every year passing through profit/losses.

Wanting to separate personal liability from corporate liability for asset protection. Having various types of shareholders, including individuals, other companies, and foreign investors.

Great flexibility when courting new investors because ownership interest is transferred easily through stock ownership.

Freedom to have a fiscal year end.

If you are a C-Corporation owner, then you must report business income and expense activity on IRS Form 1120. If your business has a reporting period that matches up with the calendar year, your corporate tax return is due on April 15. (Note this was changed from March 15 starting with the FY2016 tax year)

…If all of this is hard to follow, don’t worry.

Let Insogna CPA’s tax experts handle your C-Corp returns and make the complexity of corporate taxes simple again.

How should a C Corp file img

What our clients say about us

Insogna CPA
4.9
Based on 47 reviews
Insogna CPA
5.0
Based on 30 reviews
I am an equity partner (through a professional corporation) in a major international law firm, with offices in Austin (where I am ) and in 27 other…
Ben W.
Ben W.
Chase and Ami are an absolute pleasure to work with!I was referred to Insogna CPA by a friend and feel very lucky to finally have found a CPA of this…
Jorge G.
Jorge G.
Great service, Chase and his staff are accessible and knowledgable, everything was done online after an introductory meeting, everything was very…
Dip D.
Dip D.
Absolutely love them. They are very Thorough and knowledgeable in their profession. So glad I found them.
Alej S.
Alej S.
This team of CPA’s made my business and personal tax process easier than ever. They are professional, patient and go the extra mile. Even with new the…
Barry S.
Barry S.
These guys have taken being a CPA to a new level – they are streamlined, efficient, responsive and fast. I will be a client for a long time!!
Ryan L.
Ryan L.
Very professional and knowledgeable! Looking forward to being a very long term client!
Doug F.
Doug F.
I first started working with the team for my small business–they were the only accounting firm who explained things to me in a straightforward way. We had…
Maggie J.
Maggie J.
The team at Insogna did a great job with our business and personal tax returns. They identified ways to reduce our taxes by thousands of dollars below what…
Dustin L.
Dustin L.
Ami helped me prepare my taxes for the past few years (including a real estate investment property and capital gains) and I’ve appreciated her patience…
Megan M.
Megan M.
I had the pleasure of working with Chase/Adam/Abby after being referred to them by another CPA who didn’t quite specialize in what I need (already a good…
Bill P.
Bill P.
Chase Insogna and his team of accountants and bookkeepers are on top of it. I have a software technology services as well as a product company and…
Boris P.
Boris P.
Outstanding service, knowledge and support. I would highly recommend this firm to anyone for personal or business tax or financial assistance. A big…
Jerome H.
Jerome H.
Insogna CPA made my experience of creating an LLC fast and easy. I was feeling very intimidated and unsure about the process but was pleasantly surprised at the straightforward process and reasonable price. This will be my first stop for any accounting needs!
Jennifer Brown
Jennifer Brown
We’ve used Insogna CPA for over 7 years and wouldn’t go anywhere else. They are unfailingly professional, thorough and patient. No matter how many questions…
Jodi C.
Jodi C.
I like to do as little as possible when it comes to taxes. Insogna does everything and on time. All we had to do was scan a few documents and answer a reasonable and brief questionnaire. SATISFIED.
Doug Windland
Doug Windland
I’ve been through MANY cpa’s and finally landed on Insogna. There’s never any surprise bills, all expectations and prices are clear and reasonable up…
Dustin B.
Dustin B.
As of 2019, I have used Ingsogna to file my taxes for three years. I keep coming back because it’s easy, affordable and accurate. The electronic document room is a great place to store everything. I have always worked with Ami and she’s always professional and courteous. I used TurboTax for years and that was fine, but as life changed, compensation increased and the tax laws continued to evolve, I found that Ami has saved my family money each year.
Christia Churchill
Christia Churchill
I have worked with the folks at Insogna for almost 4 years and I could not be happier with their services. Very responsive if we have a question and exceptionally friendly. They give me the flexibility to stay focused on my business knowing that are keeping our books in-line.
Kris Byrd
Kris Byrd
I’ve used Insogna CPA’s bookkeeping, tax preparation, and professional services for my business (Bravery Media) and personal finances since 2012. They have always been helpful, quick to respond, and impeccable in their work. As a small business owner, it’s nice to not have to worry about accounting while I’m trying to generate more business. I’ve recommended Chase and his staff to dozens of people since I started working with them.
Joel Goodman
Joel Goodman
I’ve used Insogna CPA’s bookkeeping, tax preparation, and professional services for my business (Bravery Media) and personal finances since 2012. They have…
Joel G.
Joel G.
yH5BAEAAAAALAAAAAABAAEAAAIBRAA7

Endorsements, Certifications, and Partnerships

Endorsements Certifications and Partnerships iamges