Instructions for IRS Form 8594 Asset Acquisition Statement Under Section 1060

IRS Form 8594 Asset Acquisition Statement Under Section 1060

This document contains official instructions for IRS Form 8594 , Asset Acquisition Statement Under Section 1060 - a tax form released and collected by the Internal Revenue Service (IRS), a subdivision of the U.S. Department of the Treasury. An up-to-date fillable IRS Form 8594 is available for download through this link.

FAQ

Q: What is IRS Form 8594?
A: IRS Form 8594 is the Asset Acquisition Statement that must be filed when a buyer acquires the assets of a business.

Q: What is the purpose of IRS Form 8594?
A: The purpose of IRS Form 8594 is to report the allocation of the purchase price among the various assets acquired in the transaction.

Q: When is IRS Form 8594 required?
A: IRS Form 8594 is required when there is a sale or acquisition of a group of assets constituting a trade or business, and the total consideration for the assets transferred exceeds $500,000.

Q: Who must file IRS Form 8594?
A: Both the buyer and the seller must file IRS Form 8594.

Q: Are there any penalties for not filing IRS Form 8594?
A: Yes, failure to file IRS Form 8594 or filing an incomplete or incorrect form may result in penalties imposed by the IRS.