Lawrence P. Stephenson, Tax Evasion, Rhode Island 2018

Grimy Times

North Providence, RI – Lawrence P. Stephenson, a 72-year-old dentist from Lincoln, RI, has pleaded guilty to tax evasion, a crime that has led to a significant loss for the U.S. Treasury.

According to the U.S. Attorney’s Office, Stephenson, whose dental practice is located in North Providence, began diverting a portion of his practice’s business receipts in 2011. He deposited numerous checks from insurance carriers and patients into a personal bank account, thereby avoiding paying taxes on the income.

An investigation by the Internal Revenue Service (IRS) revealed that Stephenson failed to report approximately $1.2 million dollars paid to his dental practice, which is a staggering amount considering the average annual income of a dentist in the United States is around $200,000.

Over the years, Stephenson made significant withdrawals from the personal account, including approximately $530,000 in 2013 and 2014. The funds were transferred to other banks and investment accounts he owned, and some of the funds he withdrew were used to pay personal expenses.

According to court documents, Stephenson underreported his income to the IRS by more than $320,000 in 2013 alone, which is a clear indication of his intent to evade taxes. The case has been prosecuted by Assistant U.S. Attorney Dulce Donovan, who has worked tirelessly to ensure that justice is served.

Stephenson is scheduled to be sentenced on October 12, 2018, and faces significant penalties for his crimes. As a dentist, he was trusted by his patients, but his actions have now led to a loss of trust and a hefty fine.

In a statement, U.S. Attorney Stephen G. Dambruch said, ‘The IRS works tirelessly to ensure that individuals and businesses pay their fair share of taxes. We will continue to pursue those who attempt to evade taxes, and we will hold them accountable for their actions.’

The case is a reminder that tax evasion is a serious crime that can have severe consequences. It is essential for individuals and businesses to be honest and transparent when reporting their income and paying taxes.

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