Quarterly Publication                                                                                                                               April 2019
  
 Pleased to Announce
Jim DeJong Awarded Carroll University Distinguished Alumnus Award 


Shareholder and past firm president  Jim DeJong
is the 2019 recipient of the P.E. MacAllister
 Distinguished Alumnus Award for his service to Carroll University. Carroll University's Distinguished Alumni Award is the highest honor bestowed by the University. The award is provided to Carroll graduates based on their
 professional achievements, contributions to society and support of the university.
The recipients of this award are chosen based on their demonstrated quality of l eadership, volunteerism, and professional excellence in their fields.

Read the full article  here.
 Firm News
WI Supreme Court Rules in Favor of 
Firm's Client

The Wisconsin Supreme Court ruled in favor of our client, Park Bank, in a case of first impression in Wisconsin. In   Koss Corp. v. Park Bank , 2019 WI 7, Koss Corp. sued Park Bank alleging that Park Bank acted in bad faith under the Uniform Fiduciaries Act ("UFA") in failing to detect an embezzlement being conducted by one of Koss's employees, Sue Sachdeva. Ms. Sachdeva embezzled $34 million from Koss Corp. over a  12-year period. The embezzlement was the largest embezzlement in Wisconsin history, and the ninth largest embezzlement in U.S. history. Park Bank was represented by 
Greg Lyons ,  and
  Joe Newbold  of our firm.
  
Read full article  here .
WI Supreme Court Rules Unanimously in 
Property Tax Case

The Wisconsin Supreme Court ruled that taxpayers need not operate their farms for a business purpose in order to have their farms classified as agricultural land for property tax purposes.
Paul Zimmer of OCHDL, who represented the firm 
client in the case, explains that the Court's decision will help ensure uniformity in how agricultural land is taxed.

Read full article  here.
Article
Can I Really Be Sued There?
 
If you have ever asked that question, you're not alone--many defendants sued outside of their home state wonder the same thing. For example, if a small family-owned Wisconsin business is sued in a Nevada court, its owners may rightly question whether that is proper. The answer likely depends on the jurisdiction of the court in question.





Article
Give a Guarantor Some Credit!
 


Before extending commercial loans, lenders will regularly require an owner or principal of a borrowing entity to personally guaranty payment of the entity's loan obligations. It is well-settled under Wisconsin law that a personal guaranty contract is separate and distinct from the borrower's loan contract with its lender. For this reason, lenders are entitled to enforce a personal guaranty as either a stand-alone obligation or in conjunction with an enforcement action against its borrower on the loan debt.    




IRS Issues a Second Set of April 2019 Changes to Retirement Plan Correction Program


The IRS Employee Plans division on Friday, April 19, released an updated version of its comprehensive retirement plan correction protocol.  Although touted as a "limited update" to the Employee Plan Compliance Resolution System, or EPCRS, the changes contained in this new Revenue Procedure 2019-19 nonetheless offer substantial savings opportunities for certain employer sponsors of 401(k), 403(b), and profit-sharing plans, and employee stock ownership plans (ESOPs).
Proud to be a Member of Meritas, a Multi-National
Network of Business Law Firms
O'Neil, Cannon, Hollman, DeJong & Laing S.C. is the Milwaukee, Wisconsin member of Meritas, a global alliance of over 7,223 experienced lawyers in 184 full-service law firms serving 250 markets.

Through Meritas, clients seeking legal services can easily connect with pre-qualified legal expertise worldwide. OCHDL and all Meritas firms must consistently meet rigorous quality standards and a stringent code of ethics. Meritas firms are also required to participate in ongoing recertification and client satisfaction evaluations.


 
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