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.The buyer of business assets and the seller must independently report to the IRS the purchase price allocations that both use. 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… 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. A Bill of Sale transferring all of the Acquired Assets comprising personal property, in the form attached hereto as Exhibit A;. (b). Buyer shall be entitled to deduct and withhold from the Purchase Price all taxes that Buyer may be required to deduct and withhold under any applicable tax law.