Congress significantly expanded Qualified Small Business Stock (QSBS) benefits in 2025, reshaping how founders and angel investors plan for exits, reinvestment, and tax outcomes. In this practical panel, we’ll break down what changed under IRC §1202—including earlier, tiered gain exclusions for newer QSBS, higher exclusion caps, and an expanded asset threshold—then connect the dots to IRC §1045 rollovers, which can still help investors defer gains when an exit happens before the full holding period or when gains exceed the per-issuer cap. Expect plain-English explanations, real-world scenarios (common structures, documentation pitfalls, and timing traps), and a checklist of questions to take back to your tax advisor so you can better support portfolio companies and optimize investor outcomes. (Educational session; not tax or legal advice.)