The tax agency will no longer make unannounced visits to taxpayers’ homes or businesses to collect payments due (at least in most cases). The IRS said it was halting the controversial practice, which has been around since at least the 1950s, to protect its agents’ safety. Instead, the agency will send letters requesting that the taxpayer schedule an appointment. In specific cases, such as to deliver a summons or subpoena or seize assets, an unannounced visit may still occur, but there are only a few hundred of those each year compared to tens of thousands of more routine visits, according to Reuters.
S&P futures vs fair value: +3.00. Nasdaq futures vs fair value: +50.00. Equity...
S&P futures vs fair value: +3.00. Nasdaq futures vs fair value: +50.00.
Equity futures have pulled back from their best levels. The S&P 500 futures are up 3 points and are trading 0.1% above fair value. The Nasdaq 100 futures are up 50 points and are trading 0.3% above fair value. The Dow Jones Industrial Average futures are down 1 point and are trading roughly in line with fair value.
Microsoft and Alphabet are trading up in pre-open action in front of their earnings reports after the close today. Other mega caps are also trading up, supporting the broader market.
The U.S. Dollar Index has been climbing, up 0.1% to 101.4
Benchmark U.S. crude oil for September delivery...
Benchmark U.S. crude oil for September delivery rose $1.67 to $78.74 a barrel Monday. Brent crudefor September delivery rose $1.67 to $82.74 a barrel.
Wholesale gasolinefor August delivery rose 9 cents $2.90 a gallon. August heating oilrose 2 cents to $2.77 a gallon. August natural gas fell 3 cents to $2.69 per 1,000 cubic feet.
TC Energy Selling 40% Stake in Gas Pipeline Systems for $3.9B
TC Energy Corp. is selling a 40% interest in...
TC Energy Corp. is selling a 40% interest in its Columbia Gas Transmission and Columbia Gulf Transmission pipelines in a deal with Global Infrastructure Partners (GIP).
TC Energy is divesting a 40% stake in the pipeline systems for $3.9 billion (CA$5.2 billion) in cash, the company announced in a July 24 news release.
The Columbia Gas and Columbia Gulf pipeline systemswill be organized in a joint venture partnership between Calgary-based TC Energy and private equity firm GIP. The two companies will jointly invest growth capital to enhance the systems’ capacity and reliability, in addition to annual maintenance and modernization investments.
TC Energy will continue to operate the pipelines after closing, which is expected to occur in the fourth quarter.
