Generally, both the purchaser and seller must file Form 8594 and attach it to their income tax returns (Forms 1040, 1041,. Form 8594 is a tax document required in certain business sales where the buyer acquires assets rather than stock or equity.Purchaser agrees to provide seller with a draft Form 8594 within ninety (90) days after closing for review and comment. Both entities must submit IRS Form 8594 with matching allocations. Such alignment reduces audit risk. – The Form 8594 must be attached to each filer's timely filed Federal income tax return.