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. Form 8594 is a tax document required in certain business sales where the buyer acquires assets rather than stock or equity.1. Gather necessary documentation for the asset sale. ✓ Complete IRS Form 8594 Asset Acquisition. Unravel the complexities of Form 5471 instructions with our comprehensive guide. Requires taxpayers to file Form 8594, Asset Acquisition Statement, when there is a transfer in the ownership of a business. Enter your name and taxpayer identification number (TIN) at the top of the form. Then check the box for Purchaser or Seller.