Tax,
Criminal,
Corporate
Jun. 30, 2017
Ransom silver lining? It’s a tax deduction
Just this week, businesses across the globe were forced to pay ransom to hackers in order to regain access to their own data after becoming infected with ransomware known as Petya.
Robert W. Wood
Managing Partner
Wood LLP
333 Sacramento St
San Francisco , California 94111-3601
Phone: (415) 834-0113
Fax: (415) 789-4540
Email: wood@WoodLLP.com
Univ of Chicago Law School
Wood is a tax lawyer at Wood LLP, and often advises lawyers and litigants about tax issues.
In business, investments, or your personal life, every dollar spent is a little sweeter -- or a little less painful -- if you can write it off. Some expenses in business, investments and even personal matters are tax deductible. Less desirably, some must be saved up for later as part of your tax basis (say, improvements to your house). You can at least offset the latter against your gain on sale later, provided that you can prove you incurred them.
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