Deal to Avert Fiscal Cliff Possible, Parameters Unclear, Mundaca Says

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Congress will likely come to an agreement in the next few weeks to avert at least part of the fiscal cliff in the wake of the election, but it remains unclear what the parameters of any deal might be, practitioners say on a webcast sponsored by Ernst & Young LLP. Among a variety of factors, steep pressure to act is being created by the looming expiration of the 2001 and 2003 Bush tax cuts, the end of a debt-limit increase, and likely delays to the tax-filing season caused by failure to patch the AMT, practitioners say. “This will make it interesting moving to the end of the year and into 2013,” says Michael Mundaca, co-director of E&Y's National Tax Department.

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