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 must also be filed if the purchaser or seller is amending an original or a previously filed supplemental Form.8594 because of an increase or decrease. Form 8594 is a tax document required in certain business sales where the buyer acquires assets rather than stock or equity. Today's goal is to help you understand the importance of IRS Tax Form 8594 in preparing for sale of your business to a third party… The buyer of business assets and the seller must independently report to the IRS the purchase price allocations that both use. Visit any of our taxpayer service offices to obtain forms. You can also file your Maryland return online using our free iFile service. ▶ Attach to your income tax return. Form 8821 cannot be electronically filed with the tax return.