Several areas have an additional regional or local tax as outlined below. Our free online guide for business owners covers Virginia sales tax registration, collecting, filing, due dates, nexus obligations, and more.If you are selling the assets of your business, as opposed to the stock, you'll need to allocate the purchase price among the assets for tax reasons. Consider all costs at time of acquisition or construction. 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.