Why it matters: From the Valley to D.C., Big Tech players like Facebook, Google and Amazon are under more scrutiny than ever as new technology develops and privacy and antitrust concerns grow in lockstep with companies’ ambitions.
Colonial Pipeline fuel tanks in Baltimore in May 2021. Photo: Jim Watsim/AFP via Getty Images
The federal government for years has recommended that companies do not pay criminals during ransomware attacks, but the feds have a consolation for those who do pay: the ransoms may be tax deductible.
Why it matters: The IRS offers no formal guidance on ransomware payments. But multiple tax experts interviewed by AP said deductions are usually allowed under law and established guidance.