Both the seller and purchaser of a group of assets that makes up a trade or business must use Form 8594 to report such a sale. Use a Business Bill of Sale to set out the terms for the sale of a business and transfer the ownership and all assets to the buyer.If the employee does not fill out an IT 4, the employer shall withhold tax from the employee's compensation without exemption. This form should only be used to request a release certificate for taxes with successor liability (most commonly Sales, Employer. Form 8594 is a tax document required in certain business sales where the buyer acquires assets rather than stock or equity. In an asset sale, the new owner purchases the business's physical assets. The seller retains all rights to the legal entity. A purchaser of the assets of a business will be liable for any unpaid sales tax of the seller, as well as any accrued interest and penalties related thereto. Form 4797, Sales of Business Property, for each year you sell or exchange property used in the business.