In 2024, several significant tax developments emerged that are set to impact the private fund industry in 2025. These changes include pivotal US Tax Court opinions, updates to Internal Revenue Service forms, and new regulations proposed by the IRS and the US Department of the Treasury. Private equity funds, hedge funds, and other private investment funds, along with their investors and advisors, should be cognizant of these developments. This report highlights some of the most critical developments affecting these stakeholders.