An Asset Purchase Agreement is an agreement between a buyer and a seller of a business as to the terms and conditions of the sale of the business. Explore tax strategies for selling your business.Bessemer Trust's expert guidance covers asset vs. Both the buyer and seller must complete IRS Form 8594 during the sale to report the sale and purchase of business assets. This article gives an overview of a few potential areas of sales and payroll tax exposure that can exist at the time of acquisition. Learn how to file form 8594 and when to file.