Generally, both the purchaser and seller must file Form 8594 and attach it to their income tax returns (Forms 1040, 1041,. Form 8594 is a tax document required in certain business sales where the buyer acquires assets rather than stock or equity.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. 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 and the seller must generally report to the IRS the purchase price allocations that both use on IRS Form 8594, "Asset Acquisition Statement."