It used to be you could always count on a handful of people to look out for your interests, like your doctor, your clergyman and your accountant. Now you might be wary of that last one.

As of Jan. 1 tax preparers can get hit with Internal Revenue Service fines (of $1,000 or more) and career-damaging disciplinary actions if they sign returns that take especially iffy tax-savings positions--specifically, those that don't have at least a 51% chance of winning in court. Under the old standard, tax pros could safely recommend positions (on routine issues, not tax shelters) that had a "realistic possibility" of success--meaning, what the heck, if there's some reasonable basis, go for it. But amateur tax preparers--namely, people doing their own returns--can still avoid penalties if they have a credible basis for their position, so they can get by with less research or take iffier positions.

"It creates a chasm between the taxpayer and the preparer," says Thomas P. Ochsenschlager, vice president for taxation at the American Institute of Certified Public Accountants. "Historically, the tax preparer has been an advocate for the taxpayer. This makes him an arm of the IRS," he adds. New York CPA David A. Lifson, a partner at Hays & Co., says IRS field staffers are smugly telling practitioners, "You guys work for us now."

Lifson expects to charge some clients thousands of dollars extra this tax season for time he'll spend

New limits in 2008 juice up savings opportunities

Now that the holidays are behind us, it's time to think about making some financial adjustments for 2008.

There's the usual -- pay holiday bills, reduce debt, review your budget, take stock of where you are financially. But this year we get important changes to contribution limits for individual and small-business retirement plans. These changes can add power to your retirement savings.

Now's a good time to take 15 minutes (at least!) to review your retirement savings, and to see how these changes can boost your nest egg.

New contribution limits

Most importantly, Congress raised the annual limits on traditional and Roth IRA contributions from $4,000 to $5,000 - a 25% increase and a substantial hike from $2,000 in 2001. And if you're over 50, you get to add another $1,000.

Here's a summary:

● IRA limits. Annual contribution limits rise to $5,000 with increases up to $500 per year from 2009

SINGAPORE (AP) -- Oil prices fell Monday in Asia as concern over the U.S. economy drove down regional stock markets and outweighed concern that OPEC will resist pressure to raise crude production levels.

Oil prices have now retreated more than $10 from a record above $100 a barrel early this year on worries a flagging U.S. economy would dampen fuel demand. Prices had gained Friday on hopes that President George W. Bush's economic stimulus plan would work.

But most stock markets have since reacted pessimistically, uncertain Bush's plan is enough to stave off a severe economic downturn in the world's largest oil consumer. Asian markets plunged Monday, with benchmark indices in Hong Kong and China both dropping more than 5 percent. On Friday in the U.S., the Dow Jones industrials fell 0.5 percent after Bush announced a $145 billion tax relief package.

Light, sweet crude for February delivery fell 97 cents to $89.60 a barrel in Asian electronic trading on the New York Mercantile Exchange by late afternoon in Singapore. The contract rose 44 cents to settle at $90.57 a barrel on Friday.

The Organization of Oil Exporting Countries should increase its oil output in order to meet growing demand

BEIJING (AP) -- Shares in China's banks fell sharply Monday after news reports said its No. 2 lender, Bank of China, might write down holdings of U.S. mortgage securities and two others increased reserves for possible losses.

The reports were the first indication that Chinese lenders, which have so far avoided damage from the U.S. credit crisis, might face problems due to their holdings of subprime securities.

Also Monday, China's banking regulator warned that lenders might face risks from fluctuations in fast-rising real estate prices.

Bank of China is expected to announce a "significant writedown" on its $7.95 billion in U.S. subprime mortgage securities, Hong Kong's South China Morning Post newspaper reported, citing unidentified sources.

Bank of China spokesman Wang Jianping declined to comment. He said the bank would release details of its assets in late March when it announces annual earnings.

Bank of China shares fell 4.1 percent in Shanghai market and by 6.4 percent in Hong Kong. China's biggest banks are listed in both cities, with shares in Shanghai off-limits to most foreign investors, while