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 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. IRS Form 8594 breaks down the assets of the business being purchased or sold into seven classes or categories. After an asset purchase, the parties are both required to file IRS Form 8594 with their federal income tax returns for that year. Form 8594 is the Asset Acquisition Statement, which the buyer and seller must complete and submit to the IRS.