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.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. Name: Phone: Email: 6. Form 8594 is a tax document required in certain business sales where the buyer acquires assets rather than stock or equity. 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. Our Community Outreach team conducts trainings, and delivers information about payment plans and other services directly to taxpayers. The Ohio sales and use tax applies to the retail sale, lease, and rental of tangible personal property as well as the sale of selected services in Ohio.