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IRS: Ransomware payments may be deductible

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.

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