Yes. Boomin' Bucks are cash equivalent and will be taxed upon redemption, not upon earning the reward. All cash or gift cards redeemable for cash should be considered taxable income to the direct employee receiving the benefit. Likewise, monetary prizes, including awards for meeting a sales or incentive goal, are considered taxable compensation, and any applicable withholding taxes should be addressed. Certificates and other types of awards redeemable for merchandise such as points and cards with point value are also considered taxable.
Disclaimer:
Premise Health and its affiliate, Sonic Boom Wellness, do not provide tax, legal or accounting advice as we strongly encourage participants to consult with their tax, legal and accounting advisors prior to engaging in any transactions.