Wisconsin Business Law Blog : Waukesha, New Berlin, Oconomowoc Corporate & Real Estate Lawyer & Attorney

Murphy's Law, "If something can go wrong, it will," has picked in inopportune time to strike the IRS. Just as we head into year-end, trying to cram one last transaction into 2011, the IRS computers have gone down, making it impossible to obtain Federal Employer Identification Numbers (FEIN). Without such numbers, entities cannot open bank accounts and transfer monies into and out of such accounts.

This will cause many transaction to fail or fall into a "no man's land" as far as determining whether matters have closed for tax purposes.

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On December 7, 2011, Wisconsin's Governor, Scott Walker, signed into law a provision that will limit the amount of attorney fees that can be awarded to three times the amount of compensatory damages awarded. While the new law was designed to protect those who create jobs from facing unduly harsh legal fees, the most common area cited by those discussing the law came in the area of what is known as Wisconsin's Lemon Law.

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