On December 22, 2017, President Trump signed H.R. 1, the Tax Cuts and Jobs Act (Tax Act), into law. The Tax Act makes the most significant revisions to the Internal Revenue Code (IRC) since the 1986 tax reform. A recent Proskauer program offered an overview of the provisions of the Tax Act most likely to affect private fund managers. The program featured Proskauer partners Arnold P. May and Amanda H. Nussbaum, along with senior counsel Brian D. Huber and Marguerite R. Lombardo. This article highlights the key takeaways from their presentation. For coverage of another recent tax development, see our two-part series on how the new partnership audit regulations affect private funds: “Understanding the BBA and Appointing a Partnership Representative” (Oct. 19, 2017); and “Imputed Underpayments, Push-Out Elections and Fund Document Provisions to Amend” (Nov. 2, 2017).