At a program presented by the Manhattan Alternative Investment Network, a panel of tax professionals discussed hot topics in taxation for fund managers. The speakers examined the changes introduced by the One Big, Beautiful Bill Act, which took effect on July 4, 2025, including more generous depreciation, business interest, and research and development deductions; and the deduction for state and local taxes. They also discussed issues unique to New York-based managers, including relocating to lower-tax jurisdictions, residency rules and the impact of the New York City unincorporated business tax. The program featured Citrin Cooperman partners Steven Careccia and James Catalano; Hodgson Russ partner K. Craig Reilly; and Steve Waiculonis, founder of Luminarc Strategic Partners. This article synthesizes the key takeaways from the program. See “Expanded Qualified Small Business Stock Rules Under the One Big, Beautiful Bill Act” (Feb. 19, 2026); and “How the Big, Beautiful Bill Impacts the Big, Beautiful Private Funds Industry” (Aug. 21, 2025).