Unclaimed property audits

[mbowers]

Has anyone been visited by state revenue agents or outsid collection firms looking unclaimed property on the dealership books?

This can be uncashed or unclaimed checks, customer deposits, even "we owes" that the customer has paid for in advance. States assert a claim on that money if it has been sitting for long periods of time. This is similar to the escheat regulations that banks are subjected to.

With state governments hungry for money, we hear that car dealers and home builders are becoming targets in some states.