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. 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.â–· Attach to your income tax return. 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. Use the free New Jersey Online Filing Service to file your 2024 NJ-1040 return. It's simple and easy to follow the instructions, complete your NJ tax return,. Form 8594 is an IRS form used to report the sale or exchange of a group of assets that make up a trade or business. Who needs to fill out Form 8594? We will not address specific tax account concerns through email.