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. 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. 1. Gather necessary documentation for the asset sale. Form 8594 is a tax document required in certain business sales where the buyer acquires assets rather than stock or equity. IRS Form 8594 walkthrough (Asset Acquisition Statement under IRC Section 1060). Both entities must submit IRS Form 8594 with matching allocations. Such alignment reduces audit risk.