Tax considerations have a powerful impact on hedge fund manager compensation and investor returns.  Accordingly, tax considerations are front and center when managers select domiciles for their funds and management entities; structure funds and related entities; and enter and exit positions.  Hedge fund taxation is inherently complicated and continuously changing; and the complexity is compounded for managers investing and operating globally.  To bring some clarity and coherence to this challenging subject, a recent program examined completed and pending changes to relevant tax laws in the U.K. (including the “reporting fund” regime), the European Union (including the financial transaction tax), Germany, Ireland, Spain, Australia, India and Puerto Rico.  Participants in the program provided detailed explanations of the current state of the tax law in each jurisdiction, how the law is likely to change and best practices for structuring and investing around current and anticipated tax law.  This article memorializes the insights from the program, focusing in particular on practical consequences for hedge fund managers of tax law changes.  For more on tax reporting considerations relevant to hedge fund managers, see “What Critical Issues Must Hedge Fund Managers Understand to Inform Their Preparation of Schedules K-1 for Distribution to Their Investors?,” Hedge Fund Law Report, Vol. 6, No. 11 (Mar. 14, 2013).