The Tax Cuts and Jobs Act of 2017 (Tax Act) effected a substantial overhaul of the U.S. tax code, incorporating many new provisions that have a material impact on private fund managers and their investors. Although the Tax Act was introduced a while ago, its implementation has raised a number of questions and issues among PE industry participants. A recent Practising Law Institute seminar featuring Jonathan A. Goldstein, partner at Simpson Thacher, and Sara B. Zablotney, partner at Kirkland & Ellis, took a deep dive into the provisions of the Tax Act, ways they have affected the PE industry to date and potential issues going forward. This first article in a two-part series describes the portions of the program pertaining to changes to the taxation of carried interest, withholdings when non-U.S. persons transfer partnership interests and limitations on the deduction of business interest. The second article will explore the deduction for pass-through business income; anti-hybrid and base erosion rules; the taxation of cross-border investments; foreign credit support; and the conversion of public PE partnerships to corporations. See “Planning Strategies for Private Fund Managers Under the Tax Cuts and Jobs Act” (Jun. 7, 2018); and “How the Tax Cuts and Jobs Act Will Affect Private Fund Managers and Investors” (Feb. 22, 2018).