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. 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.Form 8594 is a tax document required in certain business sales where the buyer acquires assets rather than stock or equity. Did you buy or sell a business during the tax year? If so, you may need to file IRS Form 8594 with your federal tax return. Seller and Buyer shall each file, with its respective federal income tax return for the year in which the Closing occurs, IRS Form 8594, and Buyer agrees to. The buyer of business assets and the seller must independently report to the IRS the purchase price allocations that both use.