PE sponsors must continuously monitor tax developments because of the way they affect all areas of the sponsors’ businesses, including employment compensation, fund formation and transaction structuring. Further, tax treatment across those areas tends to be deeply interconnected, with a seemingly minor tax reform in one area triggering ramifications across a number of others. To help subscribers better understand recent issues, the Private Equity Law Report interviewed EY tax principal Gerald Whelan about U.S. and global tax developments affecting PE funds. This article presents his thoughts on domestic and international tax trends; ways specific tax reforms have changed the playing field for PE funds in certain areas; and issues affecting not only the fund itself but underlying partners, principals and management teams. Whelan also offered practical tips for navigating the new landscape, as well as any potential changes following the upcoming elections. For additional insights from EY, see “Study Examines the Evolution of the Legal Function” (Jan. 14, 2020); and “Challenges Fund Managers Face Meeting the Growing Demands of Employees, Investors and Regulators: An Interview With EY Principal Samer Ojjeh” (Dec. 15, 2016).