NYAIR Episode 08
What a Trump Administration and Republican Congress Mean for Your Tax Planning
With sweeping tax changes reshaping the investment landscape, asset managers and their advisors need a clear, actionable playbook. In this high-impact episode, tax authority Vadim Blikshteyn (former Senior Tax Manager, Baker Tilly; now CFO, Torchlight Investors) joins moderator Robert Akeson to break down what proposed US tax reforms mean for funds, GPs, investors, and cross-border portfolios. If you’re a fund CFO, tax specialist, or senior investor, don’t miss these critical insights straight from the new policy frontlines.
Featured Guests
Vadim Blikshteyn
Chief Financial Officer & Partner, Torchlight Investors; Former Senior Tax Manager, Baker Tilly
Vadim Blikshteyn is a veteran tax strategist and CPA, now CFO and Partner at Torchlight Investors, with past leadership as Senior Tax Manager at Baker Tilly New York. For nearly a decade, Vadim built a reputation as an expert in tax architecture for investment partnerships, hedge funds, and private capital vehicles. He’s known for translating policy into practical guidance, especially on pass-through structuring, partnership allocation, and global compliance. Vadim is a trusted voice for GPs facing complex regulatory change.
Robert Akeson
Managing Director Investment Banking at Riverside Management Group
Robert Akeson is a veteran executive with deep expertise in brokerage, prime brokerage, agency execution, and financial technology. As former COO and Co-Head of Prime Brokerage at Mirae Asset Securities (USA), he built best-in-class solutions for hedge funds and institutional investors, and is widely regarded as an innovation leader across capital markets. Now Managing Director at Riverside Management Group, Robert guides fintechs, asset managers, and professional investor platforms, while drawing on years of speaking and teaching at New York’s top financial forums.
Key Insights From This Episode
Corporate & Pass-Through Tax Rates Are Dropping—But Details Matter
The Trump administration’s plan slashes corporate tax rates, but GPs must beware of changes around pass-through entity taxation, reasonable compensation standards, and new compliance hurdles.
Interest Deductions and Expensing—A Fundamental Shift
Take note: Immediate expensing of assets replaces traditional depreciation, but this likely comes with elimination or restrictions on interest expense deductions for leveraged strategies.
Border Adjustment Tax—Winners and Losers
Export-focused industries and US manufacturing stand to gain, while retailers, importers, and non-US component buyers could face added costs and new complexity in compliance.
High-Tax States and Deductions—Mind the Gaps
The biggest impact falls on high earners in New York, California, and similar locales due to the cap or elimination of state and local tax deductions—significantly reducing after-tax returns for fund managers based there.
Carried Interest Under Threat, But Impact Is Lessening
Political focus remains on eliminating the carried interest tax advantage, though lower capital gains rates and fewer deduction gaps may soften the blow for GPs and employees.
Beware Fund Structure & Leverage Risk
Fund managers relying on significant leverage or pass-through deductions should reassess structure and investor communication as these tax benefits are squeezed.
Access the Full Conversation
Get real-world breakdowns of complex proposals, how fund manager tax liabilities will shift, and what action steps GPs, CFOs, and investor relations professionals should take today. Download the episode and our companion insights deck—your toolkit for leadership in the new tax era.
Soundbites Worth Saving
““The US code is among the most complex in the world. When you add 50 state regimes, it’s overwhelming—especially for non-US managers starting here for the first time.”
— Vadim Blikshteyn
“Interest expense as an allocation to fund partners may become a thing of the past—this is a fundamental change for long-term and leveraged strategies.”
— Vadim Blikshteyn
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