2023 saw a number of key tax developments that may affect the private fund industry going into 2024, from key US Tax Court opinions and updates to Internal Revenue Service (IRS) Forms, to new regulations proposed by the IRS and the US Treasury Department (Treasury). Private equity funds, hedge funds, and other private investment funds, as well as their investors and advisors, should be aware of these developments. Below we highlight some of the biggest developments affecting these stakeholders.