Earlier this year I wrote about Dentist Alan Vance of Charleston, West Virginia. Dr. Vance wanted a swimming pool. Nothing wrong with that idea; however, his method left out a necessary step. He took cash payments from his dentistry practice and from his dry cleaning business (he used to own the appropriately named Pressed for Time dry cleaning store in downtown Charleston) and used them to purchase a swimming pool.
And that’s fine, too, as long as you make sure you declare your cash income on your tax return. That step, however, he missed. Unfortunately for Dr. Vance the IRS found out. He pleaded guilty to tax evasion back in March. Last week he was sentenced to a year and a day at ClubFed and fined $40,000.