Form 8594 is a tax document required in certain business sales where the buyer acquires assets rather than stock or equity. 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. 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 must also file Form 8594 for the transaction. We have also incurred substantial transaction costs in connection with the Asset Sale, and we will continue to do so until the consummation of the Asset Sale.