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. 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.Gov(opens in a new window). Name: Phone: Email: 6. 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. Form 8594 is a tax document required in certain business sales where the buyer acquires assets rather than stock or equity. Small Business Resource Hub. Your One-Stop Guide for Navigating Business Taxes and Licensing in Ohio. You will need to allocate the amount reflected on form 8594 among all the assets. A typical method is to allocate the proceeds based on the original cost.