Is a Lifetime Achievement Award Given to an Employee Taxable?
An achievement award may be excluded from taxation as a fringe benefit if it meets certain criteria. For example, it must be worth less than $1,600 and cannot come in the form of cash or cash equivalents such as a gift certificate or gift card. It also cannot come in the form of stocks, bonds, or other securities. The exclusion also doesn't apply to vacations, meals, lodging, and tickets to theater or sporting events. A wristwatch would, however, fall under the tax exclusion.