Fiscal cliff talks to resume this week

Fiscal cliff talks to resume this week

Fiscal cliff tax prep

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Fiscal cliff talks to resume this week

Cliff could impact your tax preparations

Updated: Wednesday, 26 Dec 2012, 7:36 PM EST
Published : Wednesday, 26 Dec 2012, 5:02 PM EST

WEST SPRINGFIELD, Mass. (WWLP) - Christmas is over and that means lawmakers have to get back to work on fiscal cliff negotiations.

It's something your tax preparer's watching closely as the deadline is now only six days away.

President Obama and Congress are heading back to Washington this week in an effort to reach a deal on the looming fiscal cliff.

West Springfield CPA Andy Pignatare says he's watching them closely because tax preparation can't start without it.

"If decisions aren't made until early January, it pushes the tax software companies back, they have to change all their software to give us. So we could be going into the first or second week in February without the software to do taxes," Pignatare said.

It's not just tax preparers, everyone could feel it if a deal isn't reached.

Some experts say, if we go over the fiscal cliff, retailers will feel it. People may not be spending as freely, putting retail jobs at stake.

Shoppers in Springfield admit the uncertainty would make them think twice about spending.

"I would probably be here but doing more window shopping. I watch what I spend now but I think I'd have to watch it even more," said Ware's Amy Paul.

Before the holiday weekend, a vote was canceled when republican House Speaker John Boehner's own party failed to support his  proposal to raise taxes on some of the nations highest earners.

Congress is expected back Thursday to resume negotiations, and those living paycheck- to- paycheck hope they're taken into consideration.

"I am concerned about how much they're going to take out of my checks. Checks meaning two job checks," said Palmer's Birgit Webb.

Some lawmakers are calling for a small-scale deal as a temporary fix.

Before the break, Obama also called for a limited measure to extend tax cuts for most people.

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