An entrepreneur is an owner or manager of a business enterprise who makes money through risk and/or initiative.

Dictionary.com defines entrepreneur as ‘a person who organizes, manages any enterprise, especially a business, usually with considerable initiative and risk’. Entrepreneurs can rightly be called the force that drives economic and social progress. We owe these famous entrepreneurs for they are the ones who keep the world in the continuous evolution that it is in. It is solely because of them that we can enjoy the products that we do and use the excellent and useful services brought to us because these famous entrepreneurs were willing to work towards achieving the ideas that led to these products and services.

There are hundreds and thousands of famous entrepreneurs who earned their millions and billions of dollars with their ideas and hard work. According to Forbes website the real essence of entrepreneurship is ‘define, invest, build and repeat’. The real famous entrepreneurs are passionate; they turned their passion into their business.

All the famous entrepreneurs acted as the pillars of society. Henry Ford’s mass production of vehicles redefined the 20^th century. Steve Jobs, Bill Gates and Larry Page revolutionized the cyber world and thus the way we live our lives today. The famous business magnates who are still with us and those who have departed from this world leaving behind the legacy of their business are the true communicators and venture capitalists. Li’s father was a primacy school teacher in his home country and soon after his arrival in Hong Kong, he died of TB. When Li was 12 years old, he quit school and started working as an apprentice in a factory which manufactured watch straps. To support his family, he had started working full time by the time he was 14. He worked in a plastic trading company. Li had always been hard working and he had always remained true to his moral compass. It was because of his hard work, adaptability and integrity that he has built a business empire which includes construction, banking, plastics, real estate, hotels, airports, cellular phones, cement production, satellite television, retail outlets, domestic transportation, ports, shipping, electric power and steel production.

In 1950, he founded a plastic manufacturing company after he learnt how to operate a plant. Few years, later Li was able to make a fortune just by selling plastic flowers and became the largest supplier in Asia.

It was in 1967 when the opportunity to buy land at low prices arrived due to the 1967 riots. In 2001, he was named ‘Asia’s Most Powerful Man’. In 2006, he achieved “Malcolm S. Forbes Lifetime Achievement Award” from the Forbes family. In spite of his success and wealth, he lives a pretty simple lifestyle. Kelly Hoppen was born in July 1959 into an Irish-Jewish background. At the age of 16, she started her career when a family friend asked her to design their kitchen. Hoppen has authored 8 books. The title of her recent book is Kelly Hoppen Design Masterclass – How to Achieve the Home of Your Dreams. The book was published in late 2013.

Kelly has received many awards to date. Some of them include Andrew Martin Interior Design Award, European Woman of Achievement, Grazia Designer of the Year, EWAA Woman of Achievement and many more.

So far, she has published seven books which include “East Meets West”, In Touch”, Table Chic”, Kelly Hoppen, Home – From Concept To Reality”, Ideas”, Kelly Hoppen Style” and “Close Up”. Her books have been published in more than ten languages and they have sold over 100,000 copies on Amazon.

Kelly Hoppen is unstoppable in the world of design, having her own line of high street home furnishing call KHome. Hoppen has an intrinsic eye for style which is not only limited to interior designing. In 2010, she launched Kelly Hoppen Home Fashion Collection.

Steven Tisch was born on 14^th February, 1949. His father, Bob Tisch was the co-owner of Giants. Steve is the Executive Vice President and chairman of the NFL team, New York Giants. Steve was born in New Jersey and went to Tufts University. Steve created several small films during his youth which were backed by Columbia Pictures. He created his first feature film in 1976 after he left Columbia. He named it “Outlaw Blues”. In 1983, he made “Risky Business” in which Tom Cruise was in the lead role.   It was in 1986 when Steve started his own production company and named it “Steve Tisch Company” which specialises in small screen films. For Forest Gump, he got the Best Motion Picture Academy Award as well as a Golden Globe Award. The film won 6 Academy Awards out of the 13 nominations it received. In 2007, he received an award for his exceptional work in the entertainment and media field from Tufts University.

Steve Tisch is also partner at Escape Artists Production. After the death of his father, Steve became the chairman of the Giants team and worked with John Mara on the construction of Metlife Stadium. In 2010, he joined his brother Jonathan and worked with Jets owner Woody Johnson and John Mara to bring Super Bowl XLVIII to Metlife Stadium.

Moreover, he is also on the Board of Trustees for The Sundance Institute, The Geffen Theatre in Los Angeles, The Preston Robert Tisch Brain Cancer Centre and the Los Angeles Country Museum of Art.

As of March 2014, Steve has a net worth of $1.2 billion and has residences in Los Angeles and New York. Steve got married in 1996 to Jamie Leigh Anne Alexander, but they divorced later. Sean Combs was born on the 4^th of November, 1969, Sean Comb has worked with artists like Biggie Smalls, Mariah Carey and Mary. In 1993, he launched his first music production called Bad Boy Entertainment. After Biggie’s murder in 1997, Sean Combs recorded “I’ll Be Missing You” as a tribute which topped the billboard singles chart and launched his first album to platinum status.

Comb’s father was murdered in 1974 and he was raised by his model mother. He grew up in New York and studied in a Catholic boys school. While attending classes, he used to run an airport shuttle service and also produced weekly dance parties. It was the same year he launched a clothing line in America and named it “Sean John”.

The incident happened in a nightclub in which three people suffered injuries. Combs was charged with a single count of bribery and four counts of illegal possession of weapons. In 2002, he released “We Invented The Remix and Bad Boy’s 10^th Anniversary… In 2002, he was ranked 12^th on Fortune Magazine’s “Top 40 Entrepreneurs under 40”. James Trevor Oliver was born on 27 March 1975 in Essex, England. He is a celebrity chef, media personality and restaurateur. He is well known for his cookbooks and television shows. Recently, he made headlines when he campaigned against the use of processed food items in national schools. Jamie has been nicknamed the Naked Chef. By the time Jamie was 31 years old, he had already sold over millions of copies of cookbooks. He had conquered the US market, appeared in a number of television shows, revolutionised school dinners in the United Kingdom and opened a restaurant. Jamie makes cooking cool and being the energetic man he is, his cookbooks are bestsellers around the world. His cooking shows are broadcast in more than 50 countries and he has also been titled the sexiest chef on TV. Some of Jamie’s diners include Prince Charles and British PM Tony Blair.

Jamie’s parents had a restaurant and this is from where his fascination for food comes.   After Jamie left school, he went to attend Westminster Catering College and to further his skills he travelled to France as well. When he returned to the UK, he got the job as a head pastry chef at The Neal Street Restaurant. When the programme was broadcast, he received calls from different production companies who wanted to work with him. It was not late when he became a celebrity chef and revolutionised television cookery shows with his programme “The Naked Chef”.

Jamie is a chef who likes to take risks. Lately, he has set up Fifteen Foundation which is a charity organisation responsible for training unemployed young people to become professional chefs. A book as well as a TV series followed and these were huge successes too.

David Chilton was born in October, 1961.  Today, he lives in Kitchener, Ontario.  He runs a publishing company and a financial planning business.  David has attained a degree in Economics from Wilfred Laurier University.

In March, 2012, it was announced on CBC Television that Chilton had become the newest dragon on the Dragons Den which is a hit reality television program.  He replaced Robert Herjavec in Season 7 and the show was telecast in September, 2012.   During his introduction on the show, he was heard saying that he currently lives outside Waterloo.

The Wealthy Barber was published in 1989.  It is seminal book about money and focuses on three people who are in their 20s.  These three people visit Roy who is a barber to get lessons on financial planning.  When the book was released, it sold over 2 million copies and this made it one of the bestsellers in Canada.  During an interview, Chilton has revealed a lot of things about his books and why he chose such as approach.  Chilton was 25 years old when he started writing and at the age of 27, he published his first book.   When the book was published, there were only two other personal finance books relevant to the Canadian finance market.  Darryn Lyons was born on 19^th August 1965.  Darryn was the youngest of his siblings and was born in Melbourne Australia.  The home they lived in was designed by their father who was an architect.  Darryn had a love for photography from a young age.  He went to Geelong Tech Secondary School and was often the dux of the school.  Following his graduation, he worked at the Geelong News as a professional photographer.  When he was 22 years old, he went to London and started working at the News of the World.  The company was being run by Kevin Anstey and Melanie Lyons for three years while Lyon focused on his work at the Daily Mail.  In 1996, he quit again and started working at Big Pictures full time with Melanie Lyons.  He garnered huge media attention when he sold a photograph to a news agency supporting the claim that David Beckham was in a relationship with Rebecca Loos who was his personal assistant at that time.

Lyons appears on television and radio programs often and he is also a weekly commentator on Alan Titchmarsh Show, LK Today and Sky News Sunrise Program.  He also commentates for Australian radio shows Hughsey and Kate Show and Kyle and Jackie O Show.  In 2005, he appeared in reality television show Dragon’s Den as a business expert.  In addition, he appeared in Mr Paparazzi Show which was produced by Big Pictures Production with each episode lasting for about 5 minutes.  In 2007, he made an appearance on the reality TV show “Deadline”.  In 2011, he entered the UK version of “Celebrity Big Brother 8” and finished in 6^th place.  He also entered another reality show as a contestant in 2012.  Other celebrities on the same show “Excess Baggage Australia” included actor Gabby Millgate and singer Christine Anu.  The show was although a failure and many people believed that it failed because of its contestants as they were not famous enough.

Today, Lyons lives in Geelong.  Bruce Croxon is not as popular as some of the other dragons on Dragon’s Den as he had always maintained a very low media profile.  Croxon had a very interesting childhood.  During those times, mixed-marriages were uncommon.

It was through this job that he learned the importance of the environment and nature.  Although he was being paid 2 cents per tree at that time, he kept his focus on eco-friendly projects.

The website started generating revenue in the form of membership fees.

After the success of his online dating business, he decided to sell his company for $180 million.  When Bruce is not busy helping other entrepreneurs with their startups or operating one of his businesses, he spends his time playing golf or kayaking.  Currently, he lives in Toronto.  Bobby Kerr was born in 1960 in Ireland.  He was brought up in Kilkenny where he had his family business.  Currently, he lives in Sandycove with his wife and four daughters.

He is the chairman of Insomnia and is a famous entrepreneur in his country.  He has many business interests including restaurants, hotels and food sectors.  Bobby got into business from a young age.   It was not long before he started travelling the world, working on oil rigs as a chef.  He then went to Canada and gained experience in stadium catering.  In 1985, he organised for the catering of about one million people when the Pope visited Canada.

During the mid-1980s, he went back to Ireland and worked at Campbell Catering and then at Bewley’s Oriental Cafes.  He became the Managing Director of Bewley’s Bakery, Bewley’s Franchising and Bewley’s Oriental Café and his responsibility included overseeing the development of the brand in overseas market such as in Japan, USA and UK.   All the proceeds of the coffee shop sale were reinvested into Insomnia and Bobby became the CEO and shareholder of the company.  From 2004, the business has expanded from 17 shops to 70 shops.  In 2010, he stepped down from the position of CEO and became the chairman of Insomnia so he could concentrate of his portfolio of business.

In 2008, he became a dragon on the popular television show Dragon’s Den and over the first few series he already made about ten investments.   Aside from being a successful entrepreneur, he is also a public speaker.  In 2011, Bobby was involved in charity work in Zambia where he built a house for AIDS orphans.

Steve Jobs was an American businessman and inventor who played a key role in the success of Apple computers and the development of revolutionary new technology such as the iPod, iPad and MacBook.

– Steve Jobs as quoted in The Wall Street Journal (Summer 1993).

Early Life

Steven Jobs was born in San Francisco, 1955, to two university students Joanne Schieble and Syrian born John Jandali. Steven’s father Paul encouraged him to experiment with electronics in their garage. This led to a life long interest in electronics and design.

Steve Jobs attended a local school in California and later enrolled at Reed College, Portland, Oregon. His education was characterised by excellent test results and potential. Steve Jobs in India

In 1974, Jobs travelled with Daniel Kottke to India in search of spiritual enlightenment. – Steve Jobs, The New York Times, Creating Jobs, 1997

Job’s first real computer job came working for Atari computers. During his time at Atari, Jobs came to know Steve Wozniak well. Jobs greatly admired this computer technician, whom he had first met in 1971.

Steve Jobs and Apple

In 1976, Wozniak invented the first Apple I computer. Jobs, Wozniak and Ronald Wayne then set up Apple computers. In the very beginning Apple computers were sold from Jobs parents’ garage.

Over the next few years, Apple computers expanded rapidly as the market for home computers began to become increasingly significant.

In 1984, Jobs designed the first Macintosh. It was the first commercially successful home computer to use a graphical user interface (based on Xerox Parc’s mouse driver interface.) Despite the many innovative sucesses of Jobs at Apple, there was increased friction between Jobs and other workers at Apple. In 1985, removed from his managerial duties, Jobs resigned and left Apple. Life After Apple

On leaving Apple, Jobs founded NeXT computers. This was never particularly successful, failing to gain mass sales. In 1996, Apple bought NeXT for $429 million.

Much more successful was Job’s foray into Pixar – a computer graphic film production company. Disney contracted Pixar to create films such as Toy Story, A Bug’s Life and Finding Nemo. These animation movies were highly successful and profitable. This earn jobs significant respect and success.

In 1996, the purchase of NeXT bought Jobs back into Apple. At the time, Apple had fallen way behind rivals such as Microsoft. Apple were struggling to even make profits.

Return to Apple

Jobs launched Apple on a new direction. The iPod was a revolutionary product in that it built on existing portable music devices and set the standard for portable digital music played. In 2007, Apple successfully entered the mobile phone market, with the iPhone. Apple has been rated No.1 in America’s most admired companies. Jobs management has been described as inspirational, although c-workers also state, Jobs could be a hard task master and was temperamental. “My job is not to be easy on people. – All About Steve Jobs [link]

Under Jobs, Apple managed to overtake Microsoft in terms of share capitalisation. Apple also gained a pre-eminent reputation for the development and introduction of ground breaking technology. Interview in 2007, Jobs said

Despite, growing ill-health, Jobs continued working at Apple until August 2011, when he resigned.

Wealth

– Steve Jobs

Jobs earned only $1million as CEO of Apple. But, share options from Apple and Disney gave him an estimated fortune of $8.3billion

Steve Jobs died in 2011 at the age of 56.

An entrepreneur is an owner or manager of a business enterprise who makes money through risk and/or initiative.

Dictionary.com defines entrepreneur as ‘a person who organizes, manages any enterprise, especially a business, usually with considerable initiative and risk’. Entrepreneurs can rightly be called the force that drives economic and social progress. We owe these famous entrepreneurs for they are the ones who keep the world in the continuous evolution that it is in. It is solely because of them that we can enjoy the products that we do and use the excellent and useful services brought to us because these famous entrepreneurs were willing to work towards achieving the ideas that led to these products and services.

There are hundreds and thousands of famous entrepreneurs who earned their millions and billions of dollars with their ideas and hard work. According to Forbes website the real essence of entrepreneurship is ‘define, invest, build and repeat’. The real famous entrepreneurs are passionate; they turned their passion into their business.

All the famous entrepreneurs acted as the pillars of society. Henry Ford’s mass production of vehicles redefined the 20^th century. Steve Jobs, Bill Gates and Larry Page revolutionized the cyber world and thus the way we live our lives today. The famous business magnates who are still with us and those who have departed from this world leaving behind the legacy of their business are the true communicators and venture capitalists. Li’s father was a primacy school teacher in his home country and soon after his arrival in Hong Kong, he died of TB. When Li was 12 years old, he quit school and started working as an apprentice in a factory which manufactured watch straps. To support his family, he had started working full time by the time he was 14. He worked in a plastic trading company. Li had always been hard working and he had always remained true to his moral compass. It was because of his hard work, adaptability and integrity that he has built a business empire which includes construction, banking, plastics, real estate, hotels, airports, cellular phones, cement production, satellite television, retail outlets, domestic transportation, ports, shipping, electric power and steel production.

In 1950, he founded a plastic manufacturing company after he learnt how to operate a plant. Few years, later Li was able to make a fortune just by selling plastic flowers and became the largest supplier in Asia.

It was in 1967 when the opportunity to buy land at low prices arrived due to the 1967 riots. In 2001, he was named ‘Asia’s Most Powerful Man’. In 2006, he achieved “Malcolm S. Forbes Lifetime Achievement Award” from the Forbes family. In spite of his success and wealth, he lives a pretty simple lifestyle. Kelly Hoppen was born in July 1959 into an Irish-Jewish background. At the age of 16, she started her career when a family friend asked her to design their kitchen. Hoppen has authored 8 books. The title of her recent book is Kelly Hoppen Design Masterclass – How to Achieve the Home of Your Dreams. The book was published in late 2013.

Kelly has received many awards to date. Some of them include Andrew Martin Interior Design Award, European Woman of Achievement, Grazia Designer of the Year, EWAA Woman of Achievement and many more.

So far, she has published seven books which include “East Meets West”, In Touch”, Table Chic”, Kelly Hoppen, Home – From Concept To Reality”, Ideas”, Kelly Hoppen Style” and “Close Up”. Her books have been published in more than ten languages and they have sold over 100,000 copies on Amazon.

Kelly Hoppen is unstoppable in the world of design, having her own line of high street home furnishing call KHome. Hoppen has an intrinsic eye for style which is not only limited to interior designing. In 2010, she launched Kelly Hoppen Home Fashion Collection.

Steven Tisch was born on 14^th February, 1949. His father, Bob Tisch was the co-owner of Giants. Steve is the Executive Vice President and chairman of the NFL team, New York Giants. Steve was born in New Jersey and went to Tufts University. Steve created several small films during his youth which were backed by Columbia Pictures. He created his first feature film in 1976 after he left Columbia. He named it “Outlaw Blues”. In 1983, he made “Risky Business” in which Tom Cruise was in the lead role.   It was in 1986 when Steve started his own production company and named it “Steve Tisch Company” which specialises in small screen films. For Forest Gump, he got the Best Motion Picture Academy Award as well as a Golden Globe Award. The film won 6 Academy Awards out of the 13 nominations it received. In 2007, he received an award for his exceptional work in the entertainment and media field from Tufts University.

Steve Tisch is also partner at Escape Artists Production. After the death of his father, Steve became the chairman of the Giants team and worked with John Mara on the construction of Metlife Stadium. In 2010, he joined his brother Jonathan and worked with Jets owner Woody Johnson and John Mara to bring Super Bowl XLVIII to Metlife Stadium.

Moreover, he is also on the Board of Trustees for The Sundance Institute, The Geffen Theatre in Los Angeles, The Preston Robert Tisch Brain Cancer Centre and the Los Angeles Country Museum of Art.

As of March 2014, Steve has a net worth of $1.2 billion and has residences in Los Angeles and New York. Steve got married in 1996 to Jamie Leigh Anne Alexander, but they divorced later. Sean Combs was born on the 4^th of November, 1969, Sean Comb has worked with artists like Biggie Smalls, Mariah Carey and Mary. In 1993, he launched his first music production called Bad Boy Entertainment. After Biggie’s murder in 1997, Sean Combs recorded “I’ll Be Missing You” as a tribute which topped the billboard singles chart and launched his first album to platinum status.

Comb’s father was murdered in 1974 and he was raised by his model mother. He grew up in New York and studied in a Catholic boys school. While attending classes, he used to run an airport shuttle service and also produced weekly dance parties. It was the same year he launched a clothing line in America and named it “Sean John”.

The incident happened in a nightclub in which three people suffered injuries. Combs was charged with a single count of bribery and four counts of illegal possession of weapons. In 2002, he released “We Invented The Remix and Bad Boy’s 10^th Anniversary… In 2002, he was ranked 12^th on Fortune Magazine’s “Top 40 Entrepreneurs under 40”. James Trevor Oliver was born on 27 March 1975 in Essex, England. He is a celebrity chef, media personality and restaurateur. He is well known for his cookbooks and television shows. Recently, he made headlines when he campaigned against the use of processed food items in national schools. Jamie has been nicknamed the Naked Chef. By the time Jamie was 31 years old, he had already sold over millions of copies of cookbooks. He had conquered the US market, appeared in a number of television shows, revolutionised school dinners in the United Kingdom and opened a restaurant. Jamie makes cooking cool and being the energetic man he is, his cookbooks are bestsellers around the world. His cooking shows are broadcast in more than 50 countries and he has also been titled the sexiest chef on TV. Some of Jamie’s diners include Prince Charles and British PM Tony Blair.

Jamie’s parents had a restaurant and this is from where his fascination for food comes.   After Jamie left school, he went to attend Westminster Catering College and to further his skills he travelled to France as well. When he returned to the UK, he got the job as a head pastry chef at The Neal Street Restaurant. When the programme was broadcast, he received calls from different production companies who wanted to work with him. It was not late when he became a celebrity chef and revolutionised television cookery shows with his programme “The Naked Chef”.

Jamie is a chef who likes to take risks. Lately, he has set up Fifteen Foundation which is a charity organisation responsible for training unemployed young people to become professional chefs. A book as well as a TV series followed and these were huge successes too.

David Chilton was born in October, 1961.  Today, he lives in Kitchener, Ontario.  He runs a publishing company and a financial planning business.  David has attained a degree in Economics from Wilfred Laurier University.

In March, 2012, it was announced on CBC Television that Chilton had become the newest dragon on the Dragons Den which is a hit reality television program.  He replaced Robert Herjavec in Season 7 and the show was telecast in September, 2012.   During his introduction on the show, he was heard saying that he currently lives outside Waterloo.

The Wealthy Barber was published in 1989.  It is seminal book about money and focuses on three people who are in their 20s.  These three people visit Roy who is a barber to get lessons on financial planning.  When the book was released, it sold over 2 million copies and this made it one of the bestsellers in Canada.  During an interview, Chilton has revealed a lot of things about his books and why he chose such as approach.  Chilton was 25 years old when he started writing and at the age of 27, he published his first book.   When the book was published, there were only two other personal finance books relevant to the Canadian finance market.  Darryn Lyons was born on 19^th August 1965.  Darryn was the youngest of his siblings and was born in Melbourne Australia.  The home they lived in was designed by their father who was an architect.  Darryn had a love for photography from a young age.  He went to Geelong Tech Secondary School and was often the dux of the school.  Following his graduation, he worked at the Geelong News as a professional photographer.  When he was 22 years old, he went to London and started working at the News of the World.  The company was being run by Kevin Anstey and Melanie Lyons for three years while Lyon focused on his work at the Daily Mail.  In 1996, he quit again and started working at Big Pictures full time with Melanie Lyons.  He garnered huge media attention when he sold a photograph to a news agency supporting the claim that David Beckham was in a relationship with Rebecca Loos who was his personal assistant at that time.

Lyons appears on television and radio programs often and he is also a weekly commentator on Alan Titchmarsh Show, LK Today and Sky News Sunrise Program.  He also commentates for Australian radio shows Hughsey and Kate Show and Kyle and Jackie O Show.  In 2005, he appeared in reality television show Dragon’s Den as a business expert.  In addition, he appeared in Mr Paparazzi Show which was produced by Big Pictures Production with each episode lasting for about 5 minutes.  In 2007, he made an appearance on the reality TV show “Deadline”.  In 2011, he entered the UK version of “Celebrity Big Brother 8” and finished in 6^th place.  He also entered another reality show as a contestant in 2012.  Other celebrities on the same show “Excess Baggage Australia” included actor Gabby Millgate and singer Christine Anu.  The show was although a failure and many people believed that it failed because of its contestants as they were not famous enough.

Today, Lyons lives in Geelong.  Bruce Croxon is not as popular as some of the other dragons on Dragon’s Den as he had always maintained a very low media profile.  Croxon had a very interesting childhood.  During those times, mixed-marriages were uncommon.

It was through this job that he learned the importance of the environment and nature.  Although he was being paid 2 cents per tree at that time, he kept his focus on eco-friendly projects.

The website started generating revenue in the form of membership fees.

After the success of his online dating business, he decided to sell his company for $180 million.  When Bruce is not busy helping other entrepreneurs with their startups or operating one of his businesses, he spends his time playing golf or kayaking.  Currently, he lives in Toronto.  Bobby Kerr was born in 1960 in Ireland.  He was brought up in Kilkenny where he had his family business.  Currently, he lives in Sandycove with his wife and four daughters.

He is the chairman of Insomnia and is a famous entrepreneur in his country.  He has many business interests including restaurants, hotels and food sectors.  Bobby got into business from a young age.   It was not long before he started travelling the world, working on oil rigs as a chef.  He then went to Canada and gained experience in stadium catering.  In 1985, he organised for the catering of about one million people when the Pope visited Canada.

During the mid-1980s, he went back to Ireland and worked at Campbell Catering and then at Bewley’s Oriental Cafes.  He became the Managing Director of Bewley’s Bakery, Bewley’s Franchising and Bewley’s Oriental Café and his responsibility included overseeing the development of the brand in overseas market such as in Japan, USA and UK.   All the proceeds of the coffee shop sale were reinvested into Insomnia and Bobby became the CEO and shareholder of the company.  From 2004, the business has expanded from 17 shops to 70 shops.  In 2010, he stepped down from the position of CEO and became the chairman of Insomnia so he could concentrate of his portfolio of business.

In 2008, he became a dragon on the popular television show Dragon’s Den and over the first few series he already made about ten investments.   Aside from being a successful entrepreneur, he is also a public speaker.  In 2011, Bobby was involved in charity work in Zambia where he built a house for AIDS orphans.

Steve Jobs was an American businessman and inventor who played a key role in the success of Apple computers and the development of revolutionary new technology such as the iPod, iPad and MacBook.

– Steve Jobs as quoted in The Wall Street Journal (Summer 1993).

Early Life

Steven Jobs was born in San Francisco, 1955, to two university students Joanne Schieble and Syrian born John Jandali. Steven’s father Paul encouraged him to experiment with electronics in their garage. This led to a life long interest in electronics and design.

Steve Jobs attended a local school in California and later enrolled at Reed College, Portland, Oregon. His education was characterised by excellent test results and potential. Steve Jobs in India

In 1974, Jobs travelled with Daniel Kottke to India in search of spiritual enlightenment. – Steve Jobs, The New York Times, Creating Jobs, 1997

Job’s first real computer job came working for Atari computers. During his time at Atari, Jobs came to know Steve Wozniak well. Jobs greatly admired this computer technician, whom he had first met in 1971.

Steve Jobs and Apple

In 1976, Wozniak invented the first Apple I computer. Jobs, Wozniak and Ronald Wayne then set up Apple computers. In the very beginning Apple computers were sold from Jobs parents’ garage.

Over the next few years, Apple computers expanded rapidly as the market for home computers began to become increasingly significant.

In 1984, Jobs designed the first Macintosh. It was the first commercially successful home computer to use a graphical user interface (based on Xerox Parc’s mouse driver interface.) Despite the many innovative sucesses of Jobs at Apple, there was increased friction between Jobs and other workers at Apple. In 1985, removed from his managerial duties, Jobs resigned and left Apple. Life After Apple

On leaving Apple, Jobs founded NeXT computers. This was never particularly successful, failing to gain mass sales. In 1996, Apple bought NeXT for $429 million.

Much more successful was Job’s foray into Pixar – a computer graphic film production company. Disney contracted Pixar to create films such as Toy Story, A Bug’s Life and Finding Nemo. These animation movies were highly successful and profitable. This earn jobs significant respect and success.

In 1996, the purchase of NeXT bought Jobs back into Apple. At the time, Apple had fallen way behind rivals such as Microsoft. Apple were struggling to even make profits.

Return to Apple

Jobs launched Apple on a new direction. The iPod was a revolutionary product in that it built on existing portable music devices and set the standard for portable digital music played. In 2007, Apple successfully entered the mobile phone market, with the iPhone. Apple has been rated No.1 in America’s most admired companies. Jobs management has been described as inspirational, although c-workers also state, Jobs could be a hard task master and was temperamental. “My job is not to be easy on people. – All About Steve Jobs [link]

Under Jobs, Apple managed to overtake Microsoft in terms of share capitalisation. Apple also gained a pre-eminent reputation for the development and introduction of ground breaking technology. Interview in 2007, Jobs said

Despite, growing ill-health, Jobs continued working at Apple until August 2011, when he resigned.

Wealth

– Steve Jobs

Jobs earned only $1million as CEO of Apple. But, share options from Apple and Disney gave him an estimated fortune of $8.3billion

Steve Jobs died in 2011 at the age of 56.

Entrepreneur Entrepreneurship

List Of Famous Entrepreneurs That We Can Learn From Them.

Admin 1

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Administrative Assistant is a broad job category that designates an individual who provides various kinds of administrative support to people and groups in business enterprises.

Job Duties Administrative assistants perform clerical duties in nearly every industry. Some administrative assistants, like those in the legal industry, maybe more specialized than others. Most administrative assistant duties revolve around managing and distributing information within an office. Bookkeeping Administrative assistants in some offices may be charged with monitoring and recording expenditures. Duties may range from creating spreadsheets to reporting expenses to an office manager. Planning and Scheduling Planning events like board meetings and luncheons may also be the responsibility of administrative assistants. Documentation Administrative assistants may also help office members with documentation. Aside from storing, organizing, and managing files, assistants may need to type, edit and proofread documents. Specialized Administrative Assistant Duties Administrative assistants in some fields may be required to have extensive professional knowledge. Accordingly, duties for these assistants may be more specialized.

For example, legal administrative assistants may need to have a thorough understanding of legal terminology and procedures, while medical assistants may need to be well-versed in dealing with insurance companies and reading medical reports.

Employment Outlook and Salary Information Average employment growth of 12% was expected for secretaries and administrative assistants, from 2012-2022, according to the U.S. Bureau of Labor Statistics (BLS). General secretaries and administrative assistants, not serving as legal, medical or executive secretaries, earned an annual median wage in 2013 of $32,840, according to the BLS.

Administrative assistants perform a range of administrative tasks in an organization.

Administrative assistants may perform the following tasks:

• sort and distribute incoming mail to areas and staff within the organization and dispatch outgoing mail.
• write business letters, reports or office memos using word processing programs

• operate a range of office machines such as photocopiers, computers, and faxes
• file papers and documents
• Excellent customer service skills
• Assisting with all aspects of administrative management, directory maintenance, logistics, equipment inventory, and storage
• Scheduling and coordinating meetings, interviews, events and other similar activities
• Preparing business correspondence, typically using Microsoft Office (Word, Excel, PowerPoint, Access, Outlook)
• Data entry using the 10-key keypad
• Managing files
• Address resident concerns in accordance with company policies
• Performing multifaceted general office support
• Answering the phone
• Maintains workflow by studying methods; implementing cost reductions; and developing reporting procedures.
• Creates and revises systems and procedures by analyzing operating practices, recordkeeping systems, forms control, office layout, and budgetary and personnel requirements; implementing changes.
• Develops administrative staff by providing information, educational opportunities, and experiential growth opportunities.
• Resolves administrative problems by coordinating the preparation of reports, analyzing data, and identifying solutions.
• Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs; maintaining equipment inventories; evaluating new equipment and techniques.
• Provides information by answering questions and requests.
• Maintains supplies inventory by checking stock to determine inventory level; anticipating needed supplies; placing and expediting orders for supplies; verifying receipt of supplies.
• Completes operational requirements by scheduling and assigning administrative projects; expediting work results.
• Maintains professional and technical knowledge by attending educational workshops; reviewing professional publications; establishing personal networks; participating in professional societies.

Specialisations:

Administrative assistants may be required to carry out numerous tasks in a small office or to concentrate on just one or two specific tasks in a larger office.

Administrative assistants usually work indoors and may work alone or in a team with other administrative assistants, professional and technical staff, and tradespeople. Experienced administrative assistants may undertake more complex tasks and responsibilities.

Personal Requirements:

neat personal appearance.

Administrative Assistant Job Responsibilities:

Provides office services by implementing administrative systems, procedures, and policies, and monitoring administrative projects.

Administrative Assistant Job Duties:

Administrative Assistant Skills and Qualifications:

Reporting Skills, Administrative Writing Skills, Microsoft Office Skills, Managing Processes, Organization, Analyzing Information, Professionalism, Problem Solving, Supply Management, Inventory Control, Verbal Communication

Administrative Assistant is a broad job category that designates an individual who provides various kinds of administrative support to people and groups in business enterprises.

Job Duties Administrative assistants perform clerical duties in nearly every industry. Some administrative assistants, like those in the legal industry, maybe more specialized than others. Most administrative assistant duties revolve around managing and distributing information within an office. Bookkeeping Administrative assistants in some offices may be charged with monitoring and recording expenditures. Duties may range from creating spreadsheets to reporting expenses to an office manager. Planning and Scheduling Planning events like board meetings and luncheons may also be the responsibility of administrative assistants. Documentation Administrative assistants may also help office members with documentation. Aside from storing, organizing, and managing files, assistants may need to type, edit and proofread documents. Specialized Administrative Assistant Duties Administrative assistants in some fields may be required to have extensive professional knowledge. Accordingly, duties for these assistants may be more specialized.

For example, legal administrative assistants may need to have a thorough understanding of legal terminology and procedures, while medical assistants may need to be well-versed in dealing with insurance companies and reading medical reports.

Employment Outlook and Salary Information Average employment growth of 12% was expected for secretaries and administrative assistants, from 2012-2022, according to the U.S. Bureau of Labor Statistics (BLS). General secretaries and administrative assistants, not serving as legal, medical or executive secretaries, earned an annual median wage in 2013 of $32,840, according to the BLS.

Administrative assistants perform a range of administrative tasks in an organization.

Administrative assistants may perform the following tasks:

• sort and distribute incoming mail to areas and staff within the organization and dispatch outgoing mail.
• write business letters, reports or office memos using word processing programs

• operate a range of office machines such as photocopiers, computers, and faxes
• file papers and documents
• Excellent customer service skills
• Assisting with all aspects of administrative management, directory maintenance, logistics, equipment inventory, and storage
• Scheduling and coordinating meetings, interviews, events and other similar activities
• Preparing business correspondence, typically using Microsoft Office (Word, Excel, PowerPoint, Access, Outlook)
• Data entry using the 10-key keypad
• Managing files
• Address resident concerns in accordance with company policies
• Performing multifaceted general office support
• Answering the phone
• Maintains workflow by studying methods; implementing cost reductions; and developing reporting procedures.
• Creates and revises systems and procedures by analyzing operating practices, recordkeeping systems, forms control, office layout, and budgetary and personnel requirements; implementing changes.
• Develops administrative staff by providing information, educational opportunities, and experiential growth opportunities.
• Resolves administrative problems by coordinating the preparation of reports, analyzing data, and identifying solutions.
• Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs; maintaining equipment inventories; evaluating new equipment and techniques.
• Provides information by answering questions and requests.
• Maintains supplies inventory by checking stock to determine inventory level; anticipating needed supplies; placing and expediting orders for supplies; verifying receipt of supplies.
• Completes operational requirements by scheduling and assigning administrative projects; expediting work results.
• Maintains professional and technical knowledge by attending educational workshops; reviewing professional publications; establishing personal networks; participating in professional societies.

Specialisations:

Administrative assistants may be required to carry out numerous tasks in a small office or to concentrate on just one or two specific tasks in a larger office.

Administrative assistants usually work indoors and may work alone or in a team with other administrative assistants, professional and technical staff, and tradespeople. Experienced administrative assistants may undertake more complex tasks and responsibilities.

Personal Requirements:

neat personal appearance.

Administrative Assistant Job Responsibilities:

Provides office services by implementing administrative systems, procedures, and policies, and monitoring administrative projects.

Administrative Assistant Job Duties:

Administrative Assistant Skills and Qualifications:

Reporting Skills, Administrative Writing Skills, Microsoft Office Skills, Managing Processes, Organization, Analyzing Information, Professionalism, Problem Solving, Supply Management, Inventory Control, Verbal Communication

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The ways How To Combat Tax Fraud

You know tax scams are getting seriously out of hand when a criminal posing as an IRS agent calls one of the country's top tax-crime fighters, hoping to scare him into sending money.

Yet that's exactly what happened to Timothy Camus, the deputy inspector general for investigations at the agency that oversees the IRS.

"The criminals do not discriminate; they are calling people everywhere, of all income levels and backgrounds," he said.

His office, the Treasury Inspector General for Tax Administration (TIGTA), receives as many as 12,000 reports of these scam calls a week.

Since October 2013, when the agency started tracking complaints, more than 3,000 people have fallen victim to the scam, sending criminals $15.5 million, Camus said. The criminals typically call people unsolicited, claim to be from the IRS and assert that they owe taxes. The scammers tell the victims they will be criminally prosecuted if they don't make a payment immediately and threaten them with arrest, loss of their driver's license, deportation or some other seriously negative consequence.

Once victims load up a card with their money, they are instructed to read the numbers from the prepaid card to the scammers over the phone.

While these phone scams have hurt victims in almost every state, Camus said the top five states in terms of total dollar losses so far are: California ($3.84 million), New York ($1.35 million), Texas ($795,884), Florida ($760,000) and Virginia ($648,363).

Phone scams top the IRS's so-called Dirty Dozen list of tax scams this year and Camus called them "the largest, most pervasive impersonation scam in the history of our agency."

Camus said the scam was the subject of "an ongoing multi-agency investigation."

If you get what you suspect is a scam call, report it to TIGTA through its web site or call 800-366-4484. 

12 biggest tax scams to avoid

If someone calls claiming to be an IRS agent and tells you to send money, hang up.

It's a scam that tops the IRS's 2015 "Dirty Dozen" list of tax scams.

Here's how it works: Scammers change caller ID numbers to make it look like they're calling from the IRS. The scammers use common names and may say they are from the IRS Criminal Division. They may claim to know the last four digits of your Social Security number. If they're demanding payments, however, they may send follow-up emails appearing to be from the IRS, saying payments be made on prepaid debit cards.

The real IRS wouldn't call when first contacting you. And it never demands payment or asks for credit card or debit numbers over the phone. Nor does it ask for personal or financial information by email, text or social media.

If you get what you suspect is a scam call, report it to TIGTA through its web site or call 800-366-4484.

Tax scammers are sending out so-called "phishing" emails that appear to be from the IRS and claim that the recipient either owes money or is due a refund.

Their goal: to get you to give up your address, Social Security, credit card, or bank account number or any other valuable information that lets them steal your identity or your money.

"The IRS won't send you an email about a bill or refund out of the blue. Don't click on one claiming to be from the IRS that takes you by surprise," said IRS Commissioner John Koskinen in a statement.

Nor does it ask for personal or financial information by text, social media or email.

If you get an unsolicited email that seems to be from the IRS or a related agency, such as the Electronic Federal Tax Payment System (EFTPS), don't reply, don't open attachments and don't click on links. Doing so can enable scammers to collect your personal information or infect your computer with malicious code.

Instead, report the phishing email by sending it to phishing@irs.gov.

Stolen refunds

Identity thieves are stealing people's Social Security numbers and other personal information to file fraudulent tax returns and claim their refunds.

To help prevent identity theft, don't carry your Social Security card or documents displaying your Social Security number or Individual Taxpayer Identification Number (ITIN). Use firewalls and anti-virus software to protect your computer from being hacked, update security patches and frequently change your online passwords.

The IRS has more information here on how to protect yourself against identity theft and what steps to take if it has.

Shady tax preparers

Most tax preparers are honest, but some are engaging in refund fraud, identity theft or other illegal scams.

Have a Preparer Tax Identification Number (PTIN) for 2015. This certifies the person is authorized to prepare federal tax returns.

Don't base their fees on your refund. And always have your refund sent directly to you or your bank account.

Can e-file returns. Tax professionals who prepare more than 10 returns must be able to file returns electronically.

You may need to contact your preparer if questions about your return arise.

Sign your return. If you think you've been had, report it to the IRS using Form 14157 and Form 14157-A.

Hidden money offshore

U.S. tax filers who have offshore accounts and don't report them -- or who naively fall for scammers selling an offshore tax scheme -- may face large fines and penalties, the IRS warned.

"Taxpayers are best served by coming in voluntarily and getting their taxes and filing requirements in order," said IRS Commissioner John Koskinen.

To get people to fess up, the agency has an Offshore Voluntary Disclosure Program. Taxpayers who voluntarily report previously undisclosed offshore accounts may see penalties reduced and avoid criminal prosecution.

Plus, a new set of reporting rules are being phased in under the Foreign Account Tax Compliance Act that will require foreign financial institutions to report accounts held by U.S. citizens to the IRS. It's similar to the way your bank here might send a 1099-INT form to the agency, reporting the interest income you earned, or your employer sending the IRS your W-2 at tax time.

These scammers may ask you to sign a blank return or not give you a copy of the return he files for you. If you fall prey to this scam, you'll not only lose out on the refund you are legitimately owed. You may also have to pay penalties for filing a false claim and getting a fraudulent refund.

Fake charities

The IRS warned taxpayers not to be suckered into giving money to any group until confirming it's legitimate.

Fake charities often use names that sound like well-known ones, and make their websites look similar.

The IRS recommends using its Select Check tool, though it is not the most user-friendly. Never give your personal financial information, such as your Social Security number, to anyone asking for money, the IRS warned. To make a tax-deductible contribution, pay by check or credit card, so you have a record of the payment. Scammers claiming to represent a charity may phone or email you to ask for money or financial information, the IRS said.

Preparers that lie for you

If you let a tax preparer understate your income to lower your tax bill or get you a bigger refund, you could be in big trouble with the IRS.

"The mere suggestion of falsifying documents to reduce tax bills or inflate tax refunds is a huge red flag when using a tax preparer," IRS Commissioner John Koskinen said in a statement.

One common way this scam is perpetrated is when a shady preparer creates a "corrected" 1099 or W-2 form that claims your taxable income is actually zero, the IRS said.

Or the preparer may ask you to sign a statement that rebuts the income and tax information reported to the IRS by your employer or another third-party.

Bottom line: Never let anyone talk you into claiming deductions or credits to which you're not entitled. And never let others file a false return on your behalf.

The act of filing a false return can lead to a $5,000 penalty, the IRS said. And your participation in a scam of this kind may also lead to interest and penalties on any back taxes you might owe -- and possibly criminal prosecution.

Promoters of abusive tax shelter

When someone tries to sell you a complicated scheme that promises to slash or eliminate your tax bill, think twice.

Scam promoters set up abusive tax shelters in which they move your income-producing assets -- including businesses you own -- into a trust, limited liability company (LLC), limited liability partnership (LLP), international business company (IBC), or foreign financial account.

Sometimes taxpayers themselves perpetrate this scam. If you get caught, it could mean large penalties, interest and even criminal prosecution.

Big tax credits you don't qualify for

Cheating on your taxes usually means understating your income. But sometimes an unscrupulous tax preparer will try to inflate clients' income, the IRS said.

Here's why: Some people make too little to owe federal income taxes, but may still qualify for a refund by claiming certain refundable credits, like the Earned Income Tax Credit (EITC).

To make sure their clients get the maximum - and they get a bigger fee - shady preparers will report that clients earned more than they did.

The Child Tax Credit may also be abused in this way. The refundable portion of CTC is tied to earned income and is meant to help offset the cost of children for low-income families.

If caught, however, tax filers will have to repay the erroneous refund, plus interest and penalties.

A pumped up fuel tax credit

For all the gas you buy, chances are good you can't claim a credit on your 1040 for the federal fuel taxes you paid.

Eligibility rules for the fuel tax credit are pretty limited: Do you run a commercial fishing boat? A school bus company?

If not, you probably don't qualify.

And yet, shady tax preparers push the idea.

"The IRS routinely finds unscrupulous preparers who have enticed sizable groups of taxpayers to erroneously claim the credit to inflate their refunds," the agency said.

Identity thieves, too, have been known to file a fraudulent return for a business or farm to claim the credit.

The only way that lack of evidence would be discovered is if the IRS decides to audit you, said Mark Luscombe, principal analyst for Wolters Kluwer Tax & Accounting US.

If the IRS sniffs out a fraudulent or inflated fuel tax credit claim, the penalty is $5,000.

A 'frivolous' tax return

Wild notions of what's legal can be amusing, but when it comes to taxes, they're a problem.

Plenty of scam artists try to convince fee-paying tax filers that they don't owe any income tax at all by making what the IRS calls "frivolous tax arguments."

Among them: Filing and paying your taxes is voluntary. You may refuse to pay taxes on religious or moral grounds by invoking the First Amendment. Only federal government workers owe income tax.

Then there's this doozy: You don't owe federal income taxes if you file a return saying that you have no income and no tax liability. Taxpayers may contest their tax liabilities. "But no one has the right to disobey the law or disregard their responsibility to pay taxes," the IRS noted.

If you file a frivolous return -- or let someone else do so for you - you'll pay a $5,000 penalty for the privilege. You could also face accuracy-related penalties, a civil fraud penalty, and an erroneous refund claim penalty among others.

As seen with the massive TurboTax refund scam earlier this year, refund fraud and other tax-related identity theft has really taken off.

Fending off these fraudsters isn't easy. Make prepaid debit cards easier to identify: Prepaid debit cards have become the currency of tax fraudsters, since they're hard to trace and the money is easily transferable.

In many instances, identity thieves used the cards to collect tax refunds after filing false state tax returns through TurboTax earlier this year. John Valentine, chairman of the Utah State Tax Commission, told lawmakers that the direct deposit information on the suspicious returns found in Utah had been changed from the prior year's return.

Related: Scammer tries to swindle top tax-crime fighter

"We couldn't tell whether we were refunding to a prepaid debit card or ... to a legitimate bank account," he said.

State tax agencies and the IRS could more easily flag a suspicious return if lawmakers required the financial industry to have an identifier in the routing and account numbers that indicated it's a prepaid debit card, Valentine said. "We already do it with checking and savings accounts but not prepaid debit accounts."

Require employers to file W-2s with tax agencies earlier: Currently, employers are required to send employees their W-2 forms by the end of January. But they don't have to send a copy to the IRS and Social Security Administration until March 31, after many people have already filed their returns and claimed their refunds.

That makes it very hard for the IRS and state tax agencies to confirm that the person claiming the refund is using the correct information, said Timothy Camus, the Deputy Inspector General for Investigations at the Treasury Inspector General for Tax Administration.

One distinguishing factor in the scam that affected TurboTax users was that the criminals appeared to use information from victims' 2013 state tax returns. If the state tax agencies had the victims' current W-2s in hand to cross-check the information that might have raised a red flag on the scam even sooner.

Camus, Valentine and the IRS itself have recommended that lawmakers require employers to send W-2s to the IRS closer to the time they send them to filers.

Don't let third-party filing fees be deducted from a refund: Another common problem with the fraudulent state tax returns filed through TurboTax were so-called "refund transfers."

Basically, the fraudsters opted to have third-party filing fees, like the one TurboTax or other tax software vendors might charge, deducted from the refund. So the criminals had nothing at risk in the transaction, the third-party filers got paid and the states were out the refund.

Valentine's recommendation: "Prohibit the practice of applying refunds to payment of fees for filing services."

Do more to educate the public: Phone scams involving fraudsters posing as IRS agents is the No. 1 tax scam this year. "Let people know this is a notoriously awful scam and it's not rude to hang up the phone.

Source : CNN.COM

The ways How To Combat Tax Fraud

You know tax scams are getting seriously out of hand when a criminal posing as an IRS agent calls one of the country's top tax-crime fighters, hoping to scare him into sending money.

Yet that's exactly what happened to Timothy Camus, the deputy inspector general for investigations at the agency that oversees the IRS.

"The criminals do not discriminate; they are calling people everywhere, of all income levels and backgrounds," he said.

His office, the Treasury Inspector General for Tax Administration (TIGTA), receives as many as 12,000 reports of these scam calls a week.

Since October 2013, when the agency started tracking complaints, more than 3,000 people have fallen victim to the scam, sending criminals $15.5 million, Camus said. The criminals typically call people unsolicited, claim to be from the IRS and assert that they owe taxes. The scammers tell the victims they will be criminally prosecuted if they don't make a payment immediately and threaten them with arrest, loss of their driver's license, deportation or some other seriously negative consequence.

Once victims load up a card with their money, they are instructed to read the numbers from the prepaid card to the scammers over the phone.

While these phone scams have hurt victims in almost every state, Camus said the top five states in terms of total dollar losses so far are: California ($3.84 million), New York ($1.35 million), Texas ($795,884), Florida ($760,000) and Virginia ($648,363).

Phone scams top the IRS's so-called Dirty Dozen list of tax scams this year and Camus called them "the largest, most pervasive impersonation scam in the history of our agency."

Camus said the scam was the subject of "an ongoing multi-agency investigation."

If you get what you suspect is a scam call, report it to TIGTA through its web site or call 800-366-4484. 

12 biggest tax scams to avoid

If someone calls claiming to be an IRS agent and tells you to send money, hang up.

It's a scam that tops the IRS's 2015 "Dirty Dozen" list of tax scams.

Here's how it works: Scammers change caller ID numbers to make it look like they're calling from the IRS. The scammers use common names and may say they are from the IRS Criminal Division. They may claim to know the last four digits of your Social Security number. If they're demanding payments, however, they may send follow-up emails appearing to be from the IRS, saying payments be made on prepaid debit cards.

The real IRS wouldn't call when first contacting you. And it never demands payment or asks for credit card or debit numbers over the phone. Nor does it ask for personal or financial information by email, text or social media.

If you get what you suspect is a scam call, report it to TIGTA through its web site or call 800-366-4484.

Tax scammers are sending out so-called "phishing" emails that appear to be from the IRS and claim that the recipient either owes money or is due a refund.

Their goal: to get you to give up your address, Social Security, credit card, or bank account number or any other valuable information that lets them steal your identity or your money.

"The IRS won't send you an email about a bill or refund out of the blue. Don't click on one claiming to be from the IRS that takes you by surprise," said IRS Commissioner John Koskinen in a statement.

Nor does it ask for personal or financial information by text, social media or email.

If you get an unsolicited email that seems to be from the IRS or a related agency, such as the Electronic Federal Tax Payment System (EFTPS), don't reply, don't open attachments and don't click on links. Doing so can enable scammers to collect your personal information or infect your computer with malicious code.

Instead, report the phishing email by sending it to phishing@irs.gov.

Stolen refunds

Identity thieves are stealing people's Social Security numbers and other personal information to file fraudulent tax returns and claim their refunds.

To help prevent identity theft, don't carry your Social Security card or documents displaying your Social Security number or Individual Taxpayer Identification Number (ITIN). Use firewalls and anti-virus software to protect your computer from being hacked, update security patches and frequently change your online passwords.

The IRS has more information here on how to protect yourself against identity theft and what steps to take if it has.

Shady tax preparers

Most tax preparers are honest, but some are engaging in refund fraud, identity theft or other illegal scams.

Have a Preparer Tax Identification Number (PTIN) for 2015. This certifies the person is authorized to prepare federal tax returns.

Don't base their fees on your refund. And always have your refund sent directly to you or your bank account.

Can e-file returns. Tax professionals who prepare more than 10 returns must be able to file returns electronically.

You may need to contact your preparer if questions about your return arise.

Sign your return. If you think you've been had, report it to the IRS using Form 14157 and Form 14157-A.

Hidden money offshore

U.S. tax filers who have offshore accounts and don't report them -- or who naively fall for scammers selling an offshore tax scheme -- may face large fines and penalties, the IRS warned.

"Taxpayers are best served by coming in voluntarily and getting their taxes and filing requirements in order," said IRS Commissioner John Koskinen.

To get people to fess up, the agency has an Offshore Voluntary Disclosure Program. Taxpayers who voluntarily report previously undisclosed offshore accounts may see penalties reduced and avoid criminal prosecution.

Plus, a new set of reporting rules are being phased in under the Foreign Account Tax Compliance Act that will require foreign financial institutions to report accounts held by U.S. citizens to the IRS. It's similar to the way your bank here might send a 1099-INT form to the agency, reporting the interest income you earned, or your employer sending the IRS your W-2 at tax time.

These scammers may ask you to sign a blank return or not give you a copy of the return he files for you. If you fall prey to this scam, you'll not only lose out on the refund you are legitimately owed. You may also have to pay penalties for filing a false claim and getting a fraudulent refund.

Fake charities

The IRS warned taxpayers not to be suckered into giving money to any group until confirming it's legitimate.

Fake charities often use names that sound like well-known ones, and make their websites look similar.

The IRS recommends using its Select Check tool, though it is not the most user-friendly. Never give your personal financial information, such as your Social Security number, to anyone asking for money, the IRS warned. To make a tax-deductible contribution, pay by check or credit card, so you have a record of the payment. Scammers claiming to represent a charity may phone or email you to ask for money or financial information, the IRS said.

Preparers that lie for you

If you let a tax preparer understate your income to lower your tax bill or get you a bigger refund, you could be in big trouble with the IRS.

"The mere suggestion of falsifying documents to reduce tax bills or inflate tax refunds is a huge red flag when using a tax preparer," IRS Commissioner John Koskinen said in a statement.

One common way this scam is perpetrated is when a shady preparer creates a "corrected" 1099 or W-2 form that claims your taxable income is actually zero, the IRS said.

Or the preparer may ask you to sign a statement that rebuts the income and tax information reported to the IRS by your employer or another third-party.

Bottom line: Never let anyone talk you into claiming deductions or credits to which you're not entitled. And never let others file a false return on your behalf.

The act of filing a false return can lead to a $5,000 penalty, the IRS said. And your participation in a scam of this kind may also lead to interest and penalties on any back taxes you might owe -- and possibly criminal prosecution.

Promoters of abusive tax shelter

When someone tries to sell you a complicated scheme that promises to slash or eliminate your tax bill, think twice.

Scam promoters set up abusive tax shelters in which they move your income-producing assets -- including businesses you own -- into a trust, limited liability company (LLC), limited liability partnership (LLP), international business company (IBC), or foreign financial account.

Sometimes taxpayers themselves perpetrate this scam. If you get caught, it could mean large penalties, interest and even criminal prosecution.

Big tax credits you don't qualify for

Cheating on your taxes usually means understating your income. But sometimes an unscrupulous tax preparer will try to inflate clients' income, the IRS said.

Here's why: Some people make too little to owe federal income taxes, but may still qualify for a refund by claiming certain refundable credits, like the Earned Income Tax Credit (EITC).

To make sure their clients get the maximum - and they get a bigger fee - shady preparers will report that clients earned more than they did.

The Child Tax Credit may also be abused in this way. The refundable portion of CTC is tied to earned income and is meant to help offset the cost of children for low-income families.

If caught, however, tax filers will have to repay the erroneous refund, plus interest and penalties.

A pumped up fuel tax credit

For all the gas you buy, chances are good you can't claim a credit on your 1040 for the federal fuel taxes you paid.

Eligibility rules for the fuel tax credit are pretty limited: Do you run a commercial fishing boat? A school bus company?

If not, you probably don't qualify.

And yet, shady tax preparers push the idea.

"The IRS routinely finds unscrupulous preparers who have enticed sizable groups of taxpayers to erroneously claim the credit to inflate their refunds," the agency said.

Identity thieves, too, have been known to file a fraudulent return for a business or farm to claim the credit.

The only way that lack of evidence would be discovered is if the IRS decides to audit you, said Mark Luscombe, principal analyst for Wolters Kluwer Tax & Accounting US.

If the IRS sniffs out a fraudulent or inflated fuel tax credit claim, the penalty is $5,000.

A 'frivolous' tax return

Wild notions of what's legal can be amusing, but when it comes to taxes, they're a problem.

Plenty of scam artists try to convince fee-paying tax filers that they don't owe any income tax at all by making what the IRS calls "frivolous tax arguments."

Among them: Filing and paying your taxes is voluntary. You may refuse to pay taxes on religious or moral grounds by invoking the First Amendment. Only federal government workers owe income tax.

Then there's this doozy: You don't owe federal income taxes if you file a return saying that you have no income and no tax liability. Taxpayers may contest their tax liabilities. "But no one has the right to disobey the law or disregard their responsibility to pay taxes," the IRS noted.

If you file a frivolous return -- or let someone else do so for you - you'll pay a $5,000 penalty for the privilege. You could also face accuracy-related penalties, a civil fraud penalty, and an erroneous refund claim penalty among others.

As seen with the massive TurboTax refund scam earlier this year, refund fraud and other tax-related identity theft has really taken off.

Fending off these fraudsters isn't easy. Make prepaid debit cards easier to identify: Prepaid debit cards have become the currency of tax fraudsters, since they're hard to trace and the money is easily transferable.

In many instances, identity thieves used the cards to collect tax refunds after filing false state tax returns through TurboTax earlier this year. John Valentine, chairman of the Utah State Tax Commission, told lawmakers that the direct deposit information on the suspicious returns found in Utah had been changed from the prior year's return.

Related: Scammer tries to swindle top tax-crime fighter

"We couldn't tell whether we were refunding to a prepaid debit card or ... to a legitimate bank account," he said.

State tax agencies and the IRS could more easily flag a suspicious return if lawmakers required the financial industry to have an identifier in the routing and account numbers that indicated it's a prepaid debit card, Valentine said. "We already do it with checking and savings accounts but not prepaid debit accounts."

Require employers to file W-2s with tax agencies earlier: Currently, employers are required to send employees their W-2 forms by the end of January. But they don't have to send a copy to the IRS and Social Security Administration until March 31, after many people have already filed their returns and claimed their refunds.

That makes it very hard for the IRS and state tax agencies to confirm that the person claiming the refund is using the correct information, said Timothy Camus, the Deputy Inspector General for Investigations at the Treasury Inspector General for Tax Administration.

One distinguishing factor in the scam that affected TurboTax users was that the criminals appeared to use information from victims' 2013 state tax returns. If the state tax agencies had the victims' current W-2s in hand to cross-check the information that might have raised a red flag on the scam even sooner.

Camus, Valentine and the IRS itself have recommended that lawmakers require employers to send W-2s to the IRS closer to the time they send them to filers.

Don't let third-party filing fees be deducted from a refund: Another common problem with the fraudulent state tax returns filed through TurboTax were so-called "refund transfers."

Basically, the fraudsters opted to have third-party filing fees, like the one TurboTax or other tax software vendors might charge, deducted from the refund. So the criminals had nothing at risk in the transaction, the third-party filers got paid and the states were out the refund.

Valentine's recommendation: "Prohibit the practice of applying refunds to payment of fees for filing services."

Do more to educate the public: Phone scams involving fraudsters posing as IRS agents is the No. 1 tax scam this year. "Let people know this is a notoriously awful scam and it's not rude to hang up the phone.

Source : CNN.COM

fraud tax

The Ways How To Combat Tax Fraud

Admin 0

Read More