Hedge fund accounting can be challenging in the best of times. Recently, fund accountants have had to contend with the new centralized partnership audit regime; changes to the Internal Revenue Code implemented by the 2017 Tax Cuts and Jobs Act; new and proposed IRS regulations; relief afforded under the CARES Act; and a revised Form K‑1 (K‑1). A recent Strafford program tackled the above issues, offering a roadmap for understanding the critical information reported to investors on K‑1s. The program featured Laura L. Ross and Yvonne Yang, partner and tax director, respectively, at EisnerAmper. This article distills their insights. See “What Critical Issues Must Hedge Fund Managers Understand to Inform Their Preparation of Schedules K‑1 for Distribution to Their Investors?” (Mar. 14, 2013).