Are Corporate Retreats Tax Deductible?

In short - yes. Yes they are. But there is more to this answer and we elaborate on few important must haves, to appease "IRS Gods". Short disclaimer: we are not tax professionals. Please work with your bookkeeper to make sure you are eligible for tax deduction.

When we plan corporate retreats for our clients, we advise following:

1. Accurate records are very important. Every expense needs to be supported with appropriate receipts.
2. Most likely, with appropriate records, business owners could possibly receive tax deduction for following: food, lodging, travel to and from retreat - either by air or by car (if by car, accurate mileage is a must).
3. Retreat must serve and support business purpose. Corporate retreats need to have a structure and agenda. Agenda needs to support business purpose.
4. It needs to be working/business/team building trip.. otherwise it is called vacation!
5. Speakers, coaches and professional planners (like us) can be partially or fully deductible. Again, you need show how the services of these professionals will support your retreat's business purpose.
6. Off-site recreational activities during corporate retreat can be partially or fully deductible. These need to be used to benefit employees and as a business owner you need to have a valid reason to incorporate them into your retreat. We can help you find and design activities that will support your retreat's business purpose.
7. If you give out gifts during retreat to the attendees, there is an amount cap that can be deducted.

We can help you plan your next incentive and corporate retreat! And remember, our services can be tax deductible!

Contact us today!