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.Learn how to file form 8594 and when to file. The tax professional who comes into contact with such a situation should consider the need to file Form 8594, or to revise the valuation of specific assets. According to section 1060 of the Internal Revenue Code, the IRS requires that you fill out and file Form 8594 when you're buying or selling a business. Form 8594 is a tax document required in certain business sales where the buyer acquires assets rather than stock or equity. 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. Generally, both the buyer and seller are required to file Form 8594, Asset Acquisition Statement, provided the sale meets the following two conditions:.