On May 3, 2020, the US Treasury released further guidance surrounding the implications of rehiring previously laid off employees for purposes of maximizing loan forgiveness under the Paycheck Protection Program. The Treasury’s updated FAQ document can be interpreted to address the following questions:

Q: What if I offer to rehire an employee but they don’t want to come back or want to come back at reduced hours?

A: Treasury has indicated that if an employer can prove that, in good faith, they provided a written offer to rehire and the employee rejected that offer,  the employer will not be subject to a reduction in loan forgiveness related to that specific employee.   The employer must obtain written documentation that the employee rejected the offer.

Q: Employees have rejected my offer to return to work because it is more beneficial for them to collect unemployment – what should I do?

A: Employees should be made aware that if they receive an offer to be rehired and do not accept that offer, their unemployment compensation eligibility could be forfeited.

The Treasury has stated that it will issue future interim final guidance on rehiring laid-off employees. Given the continuously evolving nature of the Treasury’s guidance, TBC stresses that employers must maintain detailed, written records regarding offers to rehire or restore hours, as well as any rejections of such offers.

Disclaimer: This post was current as of the date of posting.  Any changes made to the law or regulations since original posting has not been incorporated.  Please view the recent postings for current information or contact us directly with any questions.

Albany, NY:  Ali R. Anechiarico has been named the new Marketing Manager at Teal, Becker & Chiaramonte (TBC).  Prior to joining TBC, Ali was in charge of marketing at another professional services firm in Albany, New York.

As Marketing Manager for TBC, Ali will oversee all marketing initiatives for the firm that will continue to grow the TBC brand and expand the reach of the firm’s accounting, tax and advisory services.  She will work with TBC shareholders, partners, and staff, to assist with business development efforts throughout the Capital District.

Ali has also been involved with several affiliations outside of work. She was a previous board member and EVP Communications for the New York Capital Region Chapter of the American Marketing Association, and a member of the Northeast Chapter of the Legal Marketing Association.

“We are so pleased to have Ali join our growing team at TBC.  She brings enthusiasm and energy to the position,” said James Drislane, Managing Partner at TBC.

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Ronald L. Teal     1933-2018

Ronald L. Teal, one of the founding partners of Teal, Becker and Chiaramonte, CPAs, P.C. (TBC) passed away on May 27, 2018.

Ron, along with Larry Becker and John Chiaramonte, founded TBC in 1971. Ron’s professionalism and strong work ethic have been at the core of the firm’s corporate culture ever since.  Ron’s leadership exemplified the ethical standards of our profession. His goal was to always “do the right thing”, for clients and employees.

Ron was very active in our community, sharing his time and talents with several organizations. He was a past treasurer of the Southern Saratoga Chamber of Commerce, and a former member of the board of directors of the Albany Symphony Orchestra, as well as a member of the American Institute of Certified Public Accountants, the New York State Society of Certified Public Accountants and the Albany Chapter of the National Association of Accountants.

Ron was married for 57 years to his wife, Joan. Together they were accomplished Square Dancers, and enjoyed traveling, playing bridge and spending time with their family: their son Larry and his wife Jean, daughter Theresa and her husband Scott and granddaughters Mary and Rachael.

Ron retired from TBC in 1998, but continued to work for the firm during tax seasons for many years.

Ron will be missed by many. We at TBC are honored to carry on his legacy of client service.