Are cryptocurrency ransom funds tax deductible?
About 2,000 years in the past throughout its Han dynasty, China made peace with a number of the nomadic folks of Central Asia who repeatedly ransacked Silk Highway merchants for a simple payday. It did so in an effort to absolutely set up the Silk Highway commerce route, which stretched from China to Europe, and to safe a terrific supply of wealth from buying and selling in luxurious items.
Now, as commerce more and more has shifted to the digital realm throughout the international COVID-19 pandemic, cyberattackers are benefiting from organizations’ lax cybersecurity measures. They’re utilizing ransomware to lock these organizations’ information with encryption till a ransom cost in cryptocurrency is made. Again in 2019, 98% of ransomware funds have been made in (BTC).
Selva Ozelli, Esq., CPA, is a global tax legal professional and authorized public accountant who regularly writes about tax, authorized and accounting points for Tax Notes, Bloomberg BNA, different publications and the OECD.
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