A recent panel at the ninth annual RSM Investment Industry Summit offered insights into a number of pending tax issues of interest to private fund managers, including the revised partnership audit regime; tax reform; potential benefits of foreign blockers; discounted gifting; IRS regulation and enforcement around private equity fee waivers; and evolving concepts of state tax nexus rules. The program was moderated by RSM tax partner Gennaro (Jerry) Musi and featured tax partner Moshe Metzger and senior tax managers Ashima Arora and Richard Joslin. This article summarizes the portions of the presentation most relevant to private fund managers. For additional commentary from RSM personnel, see “Investor Gatekeepers Advise Emerging Managers on How to Stand Out When Pitching and Marketing Their Funds” (Dec. 15, 2016); “How Investment Managers Can Advertise Sub-Adviser Performance Without Violating SEC Rules” (Dec. 1, 2016); and “HFA Symposium Offers Perspectives From Cybersecurity Industry Professionals on Preparedness, Vendor Management, Cyber Insurance and Cloud Services” (Jul. 7, 2016).