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. Both the buyer and the seller in an asset acquisition are required to file the Asset Acquisition Statement, Form 8594, with the IRS. Best practice suggests that the form 8594 be created at the closing. We're preparing form 8594. There's a non-compete agreement associated with the purchase of business assets, but no value.