Extorted by Ransomware Gangs? The Payments May Be Tax-Deductible
As ransomware attacks surge, the FBI is doubling down on its guidance to affected businesses: Don't pay the cybercriminals. But the U.S. government also offers a little-noticed incentive for those who do pay: If you pay a ransom, it may be tax deductible. From a report, shared by a Slashdot reader: The Internal Revenue Service offers no formal guidance on ransomware payments, but multiple tax experts interviewed by the Associated Press said deductions of ransomeware payments as a cost of doing business are usually allowed under law and established guidance. Some called it a 'silver lining' for ransomware victims. Those looking to discourage payments are less sanguine. They fear the IRS deduction is a potentially problematic incentive that could entice businesses to pay ransoms against the advice of law enforcement. At a minimum, they say, the deductibility sends a discordant message to businesses under duress.
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