The recently enacted Tax Cuts and Jobs Act (Tax Act) makes some of the most significant changes to the Internal Revenue Code since 1986. A recent program presented by Baker Tilly Virchow Krause addressed how the Tax Act will affect private fund managers and investors, focusing on deductions related to income from pass-through entities; taxation of carried interest; corporate and international taxation; the business-interest deduction; and other changes relevant to private funds and their managers. The program featured Jean-Paul Schwarz, a Baker Tilly tax principal; and Gregory Kastner and Benjamin Lipman, senior tax manager and senior manager, respectively, at Baker Tilly. This article summarizes their insights. For further commentary on the Tax Act, see “New Tax Law Carries Implications for Private Funds” (Feb. 1, 2018). For additional insight from Baker Tilly, see “How Tax Reforms Proposed by the Trump Administration and House Republicans May Affect Private Fund Managers” (Feb. 9, 2017).