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. Our Community Outreach team conducts trainings, and delivers information about payment plans and other services directly to taxpayers.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 if goodwill or going concern value. IRS Form 8594 only requires a breakdown of asset value into seven categories, designated as "Classes I through VII. Form 8594 is a tax document required in certain business sales where the buyer acquires assets rather than stock or equity. Did you buy or sell a business during the tax year? If so, you may need to file IRS Form 8594 with your federal tax return.