Today’s Wall Street Journal highlights an issue for auditors – How to do a good job auditing when everyone is working remotely?  Normally the process includes meeting face to face with people across the organization, noticing relationships among employees, spot checking invoices, disbursements, etc.  How can you verify inventory when you are not able to be there looking at it? For the complete article to to https://www.wsj.com/articles/auditors-struggle-to-access-data-count-inventory-during-remote-work-11598952600?mod=searchresults&page=1&pos=1 Torrey and Gray is a Staffing and Recruiting firm that places auditors and other accounting professionals.  Located in the northwest suburbs of Chicago, we serve clients in the Chicago area and across the…

The Tax Rep Network, an organization for the advancement of CPA’s, EA’s and other tax professionals, has announced a new professional designation – Certified Tax Representation Consultant (CTRC).  It consists of five four hour course sections with an exam at the end of each section. For More information Click Here to go to the Tax Rep Network website. Torrey & Gray is a recruiting and staffing firm in the Chicago area.  We place Tax Managers and other tax professionals across industries that include public accounting, manufacturing, professional services and nonprofit organizations.

Today’s department of Labor reports show a third consecutive month of employment gains.  Still a far cry from the low of 3.5% just six months ago.  We are trending back and as expected, the rate of jobs gains is flattening as we close back in on the single digit territory.  As the $600 additional unemployment subsidy expires, it is likely more people will seek re-employment as there was an adverse incentive to stay home during the panic. For the WSJ article Click Here Job postings for accounting and finance have remained strong and as usual, is below the overall unemployment…

In an ongoing proposed new tax for Illinois traders, the proposed Illinois House Bill 23 has been assigned to the Illinois House Revenue and Finance Committee for review https://trackbill.com/bill/illinois-house-bill-23-financial-transaction-tax/1619965/  It claims to promote job growth (presumably by exempting the tax on trades executed via open outcry) and economic stability but places the foremost reason for the tax being the fact that “Illinois currently faces a serious budget crisis.”  as stated in the second sentence of the bill proposed by Mary Flowers.  Apparently Ms. Flowers does not understand that electronic trading can be conducted from any place on the planet and…

Thankfully the U.S. have the most immigrants in the world – 46.6 million people, almost 4 times the next highest country (Germany at 12 million).  This is the main factor offsetting our below-replacement birth rate.  Here are the numbers from immigration services – over 577,000 people granted permanent residence.  Other countries are not as fortunate. https://www.uscis.gov/news/alerts/uscis-final-fy-2019-statistics-available We still have a relative shortage of skilled and highly educated workers. Illinois is benefiting from this statistic, however, more evidence indicates state mismanagement and higher taxes are driving out some of the most productive residents. However, the possibility of adopting a “progressive” tax…

If new hire numbers are flat or declining – what is the cause?  Some say constant trade talks with China spook long term projected economic growth.  Others contend there are fewer new hires because jobs are going unfilled. Today’s Wall Street Journal article discusses the interplay of these two forces. https://www.wsj.com/articles/wsj-survey-economists-split-on-causes-of-hiring-slowdown-11573138800 Longer term, U.S. demographics will weigh heavily on economic growth.  U.S. birth rate per woman is below what is required to maintain a stable population.  (But we are better off than Europe, China and Japan). Without continual and even expanded immigration population gains, our economy will eventually mirror that…

A few weeks ago, The Fed offered $75 Billion in the overnight repo market.  $80 Billion was requested.  Some bank (or combination of banks) needed $5 Billion overnight to remain solvent and they could not get the money. Now, the program is being expanded to $125 Billion.  What is going on?  Do banks not believe their underlying assets are not yet marked to market? Click here for the Wall Street Journal Article: https://www.wsj.com/articles/fed-boosts-amount-of-liquidity-offered-to-financial-system-11571924640?mod=hp_lead_pos5 Torrey & Gray can help you find finance and accounting professionals that can navigate your business through these turbulent economic waters. Business is good – but how…

In 2016, the Obama administration proposed a change to the threshold for requiring overtime pay.  It was met with fierce opposition form most states and later shelved.  Now a new rule is set to go into effect in 2020 boosting the minimum pay threshold to require overtime from $23,660 to $35,568.  This is a more moderate change compared to the 2016 proposal of over $47,000. For the WSJ article Click here https://www.wsj.com/articles/more-workers-to-qualify-for-overtime-pay-11569330000 Torrey & Gray recruits and staffs accounting and finance professionals that help your company navigate the ever changing business climate.  We place Chief Financial Officers, Controllers and other…

You have a payroll provider.  They withdraw money from your bank account.  They pay your employees and withhold taxes, but are they actually forwarding the money?  This story is a reminder that you should periodically audit your provider. For the story click here: https://www.bizjournals.com/albany/news/2019/09/16/mypayrollhr-shutdown-clifton-park-albany-banks.html Torrey & Gray finds professionals who can help prevent these types of situations.  We place Chief Financial Officers, Controllers and other accounting and finance professionals.  Perhaps you have projects that never got started or finished – we have interim professionals to supplement your staff on an as needed basis.        

According to a recent publication by Trading Economics, the U.S. unemployment rate held steady in July at 3.7%.  The 70 year average is 5.75%.  Unemployment for accounting related positions is typically about half of the general unemployment rates.  Smaller college entrance demographics are restricting the number of accounting grads going forward for the next 15-20 years. Torrey & Gray can help you find qualified candidates in a competitive marketplace.  We specialize in recruiting accounting and finance professionals such as CFOs, Controllers, Analysts and other related positions in the Chicago area.