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Podcast: Tax News Now Ep. 18 - From the Casino Floor to the Locker Room: What...

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Overview

In this episode of Tax News Now, Mark Gallegos and his guest, Brandon Lagarde of Eisner Advisory Group LLC, explore the rapidly evolving tax landscape surrounding two major money-in-sports trends: the explosion of legalized sports gambling and the rise of NIL (Name, Image, and Likeness) income for college athletes. The discussion covers key compliance issues practitioners need to understand, including the new gambling loss limitation rules, reporting of winnings, recordkeeping challenges, and the tax complexities of cryptocurrency used for wagering. The episode also highlights the unique tax challenges facing college athletes and encourages CPAs to take a proactive advisory role as both areas continue to grow.

Learning Objectives

  • Calculate the tax impact of gambling winnings and losses under the current 90% loss limitation rule.
  • Identify the gross income reporting requirements for gambling winnings.
  • Distinguish between the treatment of winnings as ordinary income and losses as itemized deductions, including state-level implications.
  • Recognize the key tax considerations associated with Name, Image, and Likeness (NIL) income earned by college athletes.

Details

Field of Study
Taxes
Credits
1 Credit
Provider
Becker Professional Education IRS Approved Program
Knowledge Level
Basic

Mark Gallegos

Mark Gallegos, CPA, MST, is a tax partner on Porte Brown’s tax services team, based in the Chicago, IL. With over 20 years of experience, Mark has become a trusted advisor in the areas of taxation, specializing in mergers & acquisitions, international tax, and tax credits and incentives. His expertise is anchored in a deep understanding of complex tax legislation and the evolving regulatory landscape. Mark is a prolific speaker and writer, frequently hosting webinars and delivering presentations on tax legislation and related topics.
 
Mark is a frequently sought-after public speaker, known for his insightful commentary and his deep understanding of our complex tax legislation. He has served as an expert contributor to global media outlets such as Wall Street Journal, CNN, USA Today, Washington Post, Bloomberg, FOX News, Tax Advisor, American Institute of Certified Public Accountants, as well as many local news publications, industry podcasts, and news radio broadcasts.
 
Expertise
Federal & State Income Tax Compliance
Income Tax Research, Planning & Consulting
Tax Legislation & Regulatory Changes
Tax Credits & Incentives
Business & Individual Taxation
International Tax & Consulting
Mergers & Acquisitions
 
Education
Master of Science in Taxation, DePaul University
Bachelor of Science in Accounting, University of Kentucky
 
Certifications
Certified Public Accountant
Civic and Professional Involvement
Member, American Institute of Certified Public Accountants (AICPA)
Member, Illinois CPA Society
Member, AICPA Tax Practice Management Committee
AICPA Engage Tax Strategies Conference Planning Committee Co-Chair
Host: Becker Accounting Podcasts - Tax News Now
Strategic Tax Reform Advisory Group, AICPA
 
Awards
Illinois CPA Society - 2025 Distinguished Service Award - Media Expert
Forbes - America’s Top 200 CPAs 2025
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Accreditations

  • NASBA: National Association of State Boards of Accountancy
  • CTEC: California Tax Education Council
  • Approved IRS Continuing Education Provider
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  • NASBA-approved content

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