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. This form is used to report the agreed-upon allocation of the purchase price across various categories of business assets. The Internal Revenue Service (IRS) requires taxpayers to file Form 8594, Asset Acquisition. Statement, when there is a transfer in the ownership of a business. That is where IRS Form 8594 comes in.