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. Form 8594 is a tax document required in certain business sales where the buyer acquires assets rather than stock or equity.Line 1: Enter the name, address, and Tax Identification Number (TIN) of the other party (either the purchaser or seller). Please feel free to state your question. Both the purchaser and seller are required to file Form. 8594. (2). The form you mentioned, Form 8594, is used to report when business assets change hands, and the date you choose can affect your taxes.