It was seized by the IRS in 2012.
MIDDLETOWN, Md. (AP) – A Maryland farmer whose bank account was seized by the IRS after he made numerous cash deposits of just under $10,000 says he will be getting his money back.
Randy Sowers said in a statement that he received a letter from the Justice Department on Monday stating the government will return $29,500 it had seized in 2012.
The Baltimore Sun reports that Sowers and his wife Karen own the South Mountain Creamery in Middletown. Sowers told The Washington Post last year that the cash he deposited came from selling eggs and milk at farmers markets.
Federal law bars the practice of repeatedly depositing just under $10,000 in cash to avoid banks’ reporting the deposits. The law is intended to target money laundering. Sowers denied wrongdoing.