A 73-year-old Longmont man was sentenced to five years in jail for concealing income from the Internal Revenue Service.

William Jerald S. Williams was convicted earlier this month and also ordered to pay $427,581 to the IRS. The government alleged that Williams hid income he derived from transporting items such as cocaine and marijuana.

Williams allegedly used his business, Colorado Fire Services, to conceal his earnings. He used the money, according to the government, "to purchase assets with cashier’s checks, including a house in Tucson, Arizona, along with a pool and other improvements for the house, and a recreational vehicle and trailer. Williams also paid for personal expenditures such as vacations, jewelry and travel with cash."

"All income is taxable whether the source is legal or illegal,” said Steven Osborne, special agent in charge, IRS criminal investigation, Denver field office, in a statement.

Read more at the Denver Business Journal: http://bit.ly/2fxpP8O