North Providence, R.I.: Dentist Lawrence P. Stephenson, 72, of Lincoln, R.I., has pleaded guilty to tax evasion, admitting that he diverted and failed to report as much as $1.2 million dollars in payments made to his business.
Stephenson admitted that as early as 2011 he began diverting a portion of his practice’s business receipts by depositing numerous checks from insurance carriers and patients into a personal bank account. An IRS investigation revealed that Stephenson failed to report approximately $1.2 million dollars paid to his dental practice and deposited elsewhere, thus failing to pay taxes due the IRS.
Source: Tax Fraud Blotter: Lied in his teeth / Accounting Today