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. A taxable asset purchase allows the buyer to "step up," or increase, the tax basis of the acquired assets to reflect the purchase price. If the purchaser or seller is a controlled foreign corporation (CFC), each U.S. shareholder should attach Form 8594 to its Form 5471. Go to Screen 65, Asset Acquisition Statement (8594) (Screen 58 for S-Corp). Who Must File Form 8594? Both the seller and purchaser of a group of assets that make up a trade or business need to file Form 8594. 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… For a list of forms and schedules available in ATX, please click on federal forms or select a state.