won a prestigious Polk Award for its coverage of the killing of George Floyd and the aftermath.

“The communities that have papers owned by very wealthy people in general have fared much better because they stayed the course with large newsrooms,” said Ken Doctor, on hiatus as a media industry analyst to work as C.E.O. and founder of Lookout Local, which is trying to revive the local news business in smaller markets, starting in Santa Cruz, Calif. Hedge funds, by contrast, have expected as much as 20 percent of revenue a year from their properties, which can often be achieved only by stripping papers of reporters and editors for short-term gain.

Alden has made deep cuts at many of its MediaNews Group publications, including The Denver Post and The San Jose Mercury News. Alden argues that it is rescuing papers that might otherwise have gone out of business in the past two decades.

And a billionaire buyer is far from a panacea for the industry’s ills. “It’s not just, go find yourself a rich guy. It’s the right rich person. There are lots of people with lots of money. A lot of them shouldn’t run newspaper companies,” said Ann Marie Lipinski, curator of the Nieman Foundation for Journalism at Harvard and the former editor of The Chicago Tribune. “Sam Zell is Exhibit A. So be careful who you ask.”

beaten a retreat from the industry. And there have even been reports that Dr. Soon-Shiong has explored a sale of The Los Angeles Times (which he has denied).

“The great fear of every billionaire is that by owning a newspaper they will become a millionaire,” said Mr. Rosenstiel.

Elizabeth Green, co-founder and chief executive at Chalkbeat, a nonprofit education news organization with 30 reporters in eight cities around the country, said that rescuing a dozen metro dailies that are “obviously shells of their former selves” was never going to be enough to turn around the local news business.

“Even these attempts are still preserving institutions that were always flawed and not leaning into the new information economy and how we all consume and learn and pay for things,” said Ms. Green, who also co-founded the American Journalism Project, which is working to create a network of nonprofit outlets.

Ms. Green is not alone in her belief that the future of American journalism lies in new forms of journalism, often as nonprofits. The American Journalism Project received funding from the Houston philanthropists Laura and John Arnold, the Craigslist founder Craig Newmark and Laurene Powell Jobs’s Emerson Collective, which also bought The Atlantic. Herbert and Marion Sandler, who built one of the country’s largest savings and loans, gave money to start ProPublica.

“We’re seeing a lot of growth of relatively small nonprofits that are now part of what I would call the philanthropic journalistic complex,” said Mr. Doctor. “The question really isn’t corporate structure, nonprofit or profit, the question is money and time.”

operating as a nonprofit.

After the cable television entrepreneur H.F. (Gerry) Lenfest bought The Philadelphia Inquirer, he set up a hybrid structure. The paper is run as a for-profit, public benefit corporation, but it belongs to a nonprofit called the Lenfest Institute. The complex structure is meant to maintain editorial independence and maximum flexibility to run as a business while also encouraging philanthropic support.

Of the $7 million that Lenfest gave to supplement The Inquirer’s revenue from subscribers and advertisers in 2020, only $2 million of it came from the institute, while the remaining $5 million came from a broad array of national, local, institutional and independent donors, said Jim Friedlich, executive director and chief executive of Lenfest.

“I think philosophically, we’ve long accepted that we have no museums or opera houses without philanthropic support,” said Ms. Lipinski. “I think journalism deserves the same consideration.”

Mr. Bainum has said he plans to establish a nonprofit group that would buy The Sun and two other Tribune-owned Maryland newspapers if he and Mr. Wyss succeed in their bid.

“These buyers range across the political spectrum, and on the surface have little in common except their wealth,” said Mr. Friedlich. “Each seems to feel that American democracy is sailing through choppy waters, and they’ve decided to buy a newspaper instead of a yacht.”

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Job Training That’s Free Until You’re Hired Is a Blueprint for Biden

Bill Barber saw an ad on Facebook last year for American Diesel Training Centers, a school in Ohio that prepares people for careers as diesel mechanics. It came with an unusual pitch: He would pay for the schooling only if it landed him a job, thanks to a nonprofit called Social Finance.

After making sure it wasn’t a scam, he signed up. After going through the immersive five-week program, he got a job with starting pay of $39,000 a year — about $10,000 more than he made before as a cable TV installer.

“I figured this was my best opportunity to succeed,” Mr. Barber, 23, said.

American Diesel Training is part of a new model of work force training — one that bases pay for training programs partly on whether students get hired. Early results are promising, and experts say the approach makes far more economic sense than the traditional method, in which programs are paid based on how many people enroll.

Right now, there are only a relative handful of these pay-for-success programs that train low-income Americans for better-paying careers. The challenge has been to align funding and incentives so that students, training programs and employers all benefit.

Social Finance, founded a decade ago to develop new ways to finance results-focused social programs, is showing how the idea could grow quickly just as the pandemic made job-training programs more important than ever. The coronavirus put millions of people out of work, upended industries and accelerated automation.

billions for work force development with an emphasis on “next-generation training programs” that embrace “evidence-based approaches.”

The Social Finance effort is powered by a fund of more than $40 million raised from philanthropic investors. The money goes toward paying for low-income students, as well as minority candidates and veterans, to enter the training programs. The group is not related to the online lender SoFi.

It has supported four job training programs, including American Diesel Training, in the past year. It has plans to have double that number a year from now.

Year Up, Per Scholas and Project Quest. Their training is tightly focused on specific skills and occupations, they work closely with employers, and they teach soft skills like communication and teamwork. But there are too few of them, and they struggle for sustainable financing.

Social Finance is seeking, designing and supporting new programs — for-profit or nonprofit — that follow that training formula but then apply a different funding model.

“There is emerging evidence that these kinds of programs are a very effective and exciting part of work force development,” said Lawrence Katz, a labor economist at Harvard. “Social Finance is targeting and nurturing new programs, and it brings a financing mechanism that allows them to expand.”

The social venture’s more than $40 million fund is seed money for demonstration projects that show its model could be widely used, whether backed by government or by investors in social programs, across a range of occupations including skilled trades.

Blue Meridian Partners, whose donor partners include the Bill and Melinda Gates Foundation, the Ballmer Group and the Sergey Brin Family Foundation.

Others contributing to the fund are the Michael and Susan Dell Foundation and Schmidt Futures, led by Eric Schmidt, former chief executive of Google.

For Social Finance and its backers, the career impact bonds are not traditional investments. For them, breaking even or a small return would be winning — proof the concept is working, which should attract more public and private money.

“We need to move toward evidence-based funding,” said Jim Shelton, chief investment and impact officer for Blue Meridian Partners and a deputy secretary of education in the Obama administration. “And Social Finance is supporting programs that show it can be done.”

The Social Finance income-share agreement with students ranges from about 5 percent to 9 percent depending on their earnings — less from $30,000 to $40,000, and generally more above $40,000. The monthly payments last four years. If you lose your job, the payment obligation stops.

“Our investors aren’t after high returns. They’re primarily after social impact,” Ms. Palandjian said.

When screening programs, Social Finance looks for those that offer training for specific skills linked to local demand, and have data to show that its students graduate and get good-paying jobs. In selecting a skilled-trade school, Social Finance, working with Burning Glass Technologies, which analyzes job-market data, sought a program for an occupation in demand with potential for the worker to move up the career ladder.

American Diesel Training, based in Columbus, Ohio, met the requirements. The for-profit company’s program is designed as a short, intensive course to train entry-level diesel technicians, mostly for trucking companies and dealerships.

Demand for diesel technicians is robust as more goods are shipped by truck, often delivering products ordered online, and baby-boom mechanics are retiring. There is an accessible career path to become a senior mechanic or into administration as a service, distribution or shop manager.

American Diesel Training, founded in 2017, succeeded in placing students in jobs in its first few years, but remained small.

Before Social Finance arrived, Tim Spurlock, co-founder and chief executive of American Diesel Training, looked into financing through income-share agreements offered by venture-backed start-ups. The terms, he said, were far less favorable for students.

“Social Finance comes at it from a completely different angle,” he said.

The first group of Social Finance-funded students started the five-week course last September. There are now about 70 students in each course. That is about four times as many as a year ago.

Social Finance pays American Diesel Training just over 60 percent of its fee initially. The rest comes later, after a student lands and keeps a job.

“I’m fine with that,” Mr. Spurlock said. “We’ve completely proven our educational model. The problem was the funding mechanism.”

A total of 229 students supported by Social Finance have been enrolled. The graduation rate is nearly 100 percent, and 89 percent have jobs. Their average annual income is $36,500, and the average gain from income before the program is $12,400.

Today, Mr. Barber, who saw an ad for the program on Facebook, works in Ohio for U.S. Xpress, a national freight-hauling trucker. As an entry-level diesel technician, he is mostly doing preventive maintenance on trucks. With diesel mechanics in demand, the company paid him a $2,000 signing bonus and a relocation fee.

Jordan Battle earns about $43,000 a year as a diesel mechanic for a large trucking company in Atlanta, far more than she did as a contractor for a civic education organization.

That job ended with the pandemic, so she decided to go for “something essential and to have a real skill others don’t.” She was accepted in the American Diesel Training program, and she was offered a job after three weeks, before she graduated. Practice interviews, résumé building and introductions to employers were part of the curriculum.

“That’s where the program really stands out,” she said. “They fight for you.”

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San Francisco and Other Cities Try to Give Artists Steady Income

In San Francisco, public officials have announced a pilot program that will provide a monthly stipend to artists. The mayor’s office recently unveiled the initiative, city payments that were approved by the arts commission, which will provide a guaranteed monthly income of $1,000 over six months to 130 eligible artists.

A similar experiment started in St. Paul, Minn., this week. There, a nonprofit organization is working with the city to disburse monthly $500 checks to 25 local artists for the next 18 months. Springboard for the Arts, the organization running the initiative, with funding from two foundations, said it hoped a successful program could change the national conversation.

And more programs, not limited to arts workers, are springing up in cities like Oakland, Calif., and Atlanta, whose leaders are part of a 41-member coalition, Mayors for a Guaranteed Income. The coalition says that providing such an income will improve racial and gender equity. (New York has no such plan in the works, a spokesman for the Department of Cultural Affairs said last week.)

Interest in guaranteed income — or universal basic income — has built over the last year as a potential solution to the lopsided economic effects of the pandemic.

initiative to invest in Black children and families.

Since opening the application portal for artists on March 25, the Yerba Buena Center for the Arts, which is administering the guaranteed income program on behalf of San Francisco, said it has received more than 1,800 responses. (The deadline for applications is April 15.)

Deborah Cullinan, the organization’s chief executive, said that if people in the arts are unstable, “to my mind, I think it means that we are not stable. An organization is only as stable as its core community.”

Cullinan said that she hoped that data from the program could be used to inform the national agenda, and that she already had interest from the federal government.

“It’s about finding new and innovative ways to address the economic insecurity of our sector,” Cullinan added.

In St. Paul, the McKnight and Bush Foundations have helped get the guaranteed-income program off the ground. Laura Zabel, Springboard’s director overseeing the project, said that the monthly payments would help artists afford food and rent. The recipients of the stipends will be chosen from a pool of previous recipients of the organization’s coronavirus emergency grants. The director added that at least 75 percent of recipients would be people of color.

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An Argument for Investing Where the Return Is Social Change

Getting a market-rate return is something impact investors are comfortable with, but a lower return makes it harder to attract enough investors, said Trenton Allen, managing director and chief executive of Sustainable Capital Advisors. “It’s not impossible,” he said. “But you’re narrowing the number of investors you have access to.”

Traditional impact investors also argue that accepting different returns for different investments is already happening. Consider bondlike returns for fixed-income types of risk.

“Impact investing is a big tent and should be a big tent,” said Nancy Pfund, managing partner at DBL Partners, an impact venture capital fund. “The challenge is, we shouldn’t muddy the waters and think impact-first is the only kind of investment. We also don’t want to step backward and deal with biases about returns that we have spent at least 10 years fighting.”

Even those who have taken the approach agree that it is a luxury.

“If the organizing priority is impact, that’s a privilege, but you have to have a deep tolerance for risk,” said Margot Kane, chief investment officer of Spring Point Partners, which is a social venture fund created by the Berwind family of Philadelphia, whose wealth dates to 19th-century coal mining.

For anyone considering taking the middle ground, here are the two key questions: How do you determine if an investment qualifies as impact first? And since impact, not return, is the primary motivation, how do you measure it?

Let’s start with selection.

“One of the things we ask ourselves when we’re doing due diligence on one of these projects is, ‘Is this a really great catalytic investment or a very bad market-rate investment?’” said Liesel Pritzker Simmons, co-founder and principal of Blue Haven Initiative and a member of the family whose wealth derives from Hyatt hotels.

“Honestly, it tends to come down to what is the problem they’re trying to solve and is the nature of that solution super-scalable or not?” she said.

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Inside America’s Most Interesting Magazine, and Media’s Oddest Workplace

It was, for Harper’s, a sensation, receiving 2.5 million views. The magazine — whose paywall is now more porous, but is still years behind the kind of digital subscription machine that drives The New Yorker and The Atlantic — grew its subscription base 13 percent and bounced back above 100,000 subscribers. It is still far down from a peak of 231,670 during the George W. Bush years, and so far from breaking even that Mr. MacArthur told me he hadn’t done the math of what it would take to get there.

The Harper’s staff, since Mr. MacArthur broke the union, is not a rebellious bunch. No current staff member would speak to me on the record about the magazine. But when the letter appeared on the website, they revolted, and in an emotional Zoom meeting on July 8 (they weren’t yet back at the office), Mr. Beha took responsibility for publishing the letter and defended it. A former Harper’s assistant editor who is now a New Yorker fact-checker, Shirley Ngozi Nwangwa, recalled that editors argued that regardless of its intent, the letter would be used “as ammunition against the racial justice protests.”

Mr. Beha also told the Harper’s employees they were free to speak up on social media against the letter; an editor responded that they feared Mr. MacArthur would fire them if they did. The next day, Mr. Beha wrote an elliptical email that didn’t mention Mr. MacArthur, but acknowledged that he had been trying to “make the parts of the office that are under my control as open, respectful and tolerant of difference as I could, while insulating my staff as much as possible.”

Harper’s didn’t publish the letter in print until October, packaging it with several scathing attacks on it and one signatory’s apology for signing. In an editor’s note, Mr. Beha wrote that the attacks themselves were an instance of the kind of debate the letter supported, and that “in that sense, even the letter’s loudest critics were in a kind of agreement with it.”

There are two ways to read the Harper’s letter. One is to see it as a rejection of elements of the protests against racism, and a direct rejoinder to claims that some speech is physically dangerous. That’s how it was read by many of the Harper’s editorial staff members who opposed it, and also apparently how it was read by Mr. MacArthur, who signed it.

Though he has contributed to Harper’s only twice over 40 years, Mr. MacArthur writes an occasional column in French for the Montreal newspaper Le Devoir. (In another Harper’s oddity, the column is translated back into English by someone else, then published without further editing on the Harper’s website.) There, Mr. MacArthur described the letter as “a public stand against political correctness and ‘cancel culture.’” Earlier this month, he denounced theMcCarthyism and mob rule” at work when The New York Times forced out a veteran journalist who had used a racial slur on a trip with teenagers to Peru. Mr. MacArthur wrote the word in full, “a matter of honor, as a matter of principle, to use it informationally like he did,” he told me.

But Mr. MacArthur’s columns don’t appear in the print magazine. Relatively little railing against cancel culture does. And indeed, there’s also another way to read the Harper’s letter, which is simply its plain language, which called for a “culture that leaves us room for experimentation, risk taking, and even mistakes.” That’s how Mr. Beha said he has strained to interpret it, and why he’s avoided taking Harper’s down an overtly reactionary — if commercially promising — path.

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Crypto token of New York Times column sells for $560,000.

A one-of-a-kind digital collectible item created out of a New York Times technology column sold for more than $500,000 in an auction, the first such sale in the history of the newspaper.

An image of the column — titled “Buy This Column on the Blockchain!” — was turned into a nonfungible token, or NFT, and sold in a heated auction that brought in more than 30 bids on the NFT marketplace website Foundation.

The NFT, a unique bit of digital code that is stored on the Ethereum blockchain and refers to a 14 megabyte graphic of the column hosted on a decentralized file hosting service, cannot be duplicated or counterfeited, making it potentially valuable for collectors. Some NFTs have sold for hundreds of thousands of dollars in recent weeks, with one such sale — a collection of art by the digital artist Beeple — bringing in more than $69 million at auction.

Along with the token, the winner of the auction — should they choose to identify themselves — will receive additional perks including a voice message from Michael Barbaro, the host of “The Daily” podcast. All proceeds from the auction will be donated to the Neediest Cases Fund, a Times-affiliated charity.

The winner of the auction, an NFT collector who goes by the handle @3fmusic, placed a last-minute winning bid of 350 ether, a digital currency, which translates to roughly $560,000 at Wednesday’s exchange rates. A link on the user’s profile led to the website of a Dubai-based music studio.

@3fmusic could not be reached as of Wednesday afternoon. The user appeared to be an avid collector of NFT artwork. In addition to the Times token, their collection on Foundation also includes such works as “The result of 2020,” an image of a sad-looking Kermit the Frog, and “Mushy’s Midafternoon Nap,” an image of a cartoon toadstool sitting on a log.

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Richard H. Driehaus, Champion of Classic Architecture, Dies at 78

Richard H. Driehaus, an avid investor who grew his grade-school coin collection into a fortune that he wielded to champion historic preservation and classical architecture, died on March 9 in a Chicago hospital. He was 78.

The cause was a cerebral hemorrhage, said a spokeswoman for Driehaus Capital Management, where, as chief investment officer and chairman, he had overseen some $13 billion in assets.

Mr. Driehaus (pronounced DREE-house) restored landmarks in the Chicago area and gave the city a palatial museum that celebrates the Gilded Age. He also established a $200,000 annual prize in his name for classical, traditional and sustainable architecture as a counterbalance to the $100,000 Pritzker Prize, funded by another Chicago family, which he viewed as a validation of modern motifs that were a “homogenized” rejection of the past.

He was immersed in the stock market from the age of 13, took nosebleed gambles on risky rising stocks, and in 2000 was named one of the 25 most influential mutual fund figures of the 20th century by Barron’s.

Institute of Classical Architecture & Art in 2012.

“The problem is there’s no poetry in modern architecture,” he said in an interview with Chicago magazine in 2007. “There’s money — but no feeling or spirit or soul. Classicism has a mysterious power. It’s part of our past and how we evolved as human beings and as a civilization.”

Asked whether he considered buildings designed by Ludwig Mies van der Rohe, for example, to be appropriate, he told Architectural Record in 2015: “They’re mechanical, industrial, not very human. It’s like my iPhone, which is beautiful, but I wouldn’t want the building I live in to look like that.” He added: “Architects build for themselves and build for the publicity. They don’t really care what the public thinks.”

The first Richard H. Driehaus Prize, presented through the University of Notre Dame School of Architecture, was awarded in 2003 to Léon Krier, a designer of Poundbury, the model British town built according to the Prince of Wales’s architectural principles. The first American laureate, in 2006, was the South African-born Allan Greenberg, who redesigned the Treaty Room Suite at the State Department.

Philanthropy magazine in 2012. “What my dad couldn’t do, I wanted to do.”

he decided that “this was the industry for me” and invested the money he made from delivering The Southtown Economist in stocks recommended by financial columnists. The stocks tanked, teaching him to research each company’s growth potential on his own.

He flunked out of the University of Illinois at Chicago, enrolled in Southeast Junior College and then transferred to DePaul, where he earned a bachelor’s degree in 1965 and a master’s in business administration in 1970. He worked for the investment bank A.G. Becker & Company, becoming its youngest portfolio manager, and for several other firms before starting his own, Driehaus Securities, in 1979. He founded Driehaus Capital Management in 1982.

He married when he was in his early 50s; the marriage ended in divorce. He is survived by three daughters, Tereza, Caroline and Katherine Driehaus, and two sisters, Dorothy Driehaus Mellin and Elizabeth Mellin.

“I never did anything until I was 50,” Mr. Driehaus told The New York Times in 2008. “I spent my early years making money for my clients. Now I’m ready to have some fun.”

He did, staging his own extravagant themed birthday parties for hundreds of guests at his mansion on Lake Geneva (at one gala, he made his grand entrance on an elephant) and indulging his passion for collecting.

He started with furnishings he provided to a bar called Gilhooley’s, then moved on to decorative arts and art nouveau for the landmark Samuel M. Nickerson mansion, a palazzo that he restored as the Richard H. Driehaus Museum. He also amassed a fleet of vintage automobiles.

He gave as good as he got, several hundred million dollars’ worth — to DePaul and to Chicago theater and dance groups, Catholic schools and other organizations often overlooked by major philanthropies. And he felt quite at ease being a very big fish in what he acknowledged was a smaller pond — but a more hospitable one.

“In New York, I’m just another successful guy,” he told the City Club of Chicago in 2016. “You can’t make an impact in New York. But in Chicago you can, because it’s big enough and it’s small enough and people actually get along enough.”

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Some Changes That May Affect Next Year’s Tax Return

That means someone who was philanthropically minded could donate enough this year to “wipe out their entire tax bill,” said Cari Weston, director for tax practice and ethics at the American Association of Certified Public Accountants.

Medical deductions. The December law made permanent — again — a lower threshold for deducting medical expenses. Taxpayers can continue to deduct unreimbursed medical expenses that exceed 7.5 percent of their income, instead of 10 percent. To take the deduction, filers must itemize.

The floor had been 7.5 percent before the 2017 tax law raised it temporarily to 10 percent, Ms. Weston said. The latest change reverts to the earlier rule. Still, she said, the deduction is of limited help for most people.

For instance, if you have adjusted gross income of $100,000, you can now take a deduction for medical expenses that exceed $7,500 ($100,000 multiplied by 0.075). If you had expenses of $10,000 in 2021, your deduction would be $2,500 ($10,000 minus $7,500). Under the prior rule, your expenses wouldn’t have exceeded the $10,000 cutoff, so you wouldn’t have qualified for a deduction.

Deductions for business meals. This one is more helpful to businesses, but it could apply if you’re self-employed and take clients to lunch or dinner. Businesses can deduct 100 percent of business meals for 2021 and 2022 (but not for 2020), instead of the usual 50 percent. This is aimed at helping out beleaguered restaurants that have suffered from restrictions during the pandemic. The deduction applies to client meals as well as to employees on business travel and must be for food and drinks provided by a restaurant.

How Has the Pandemic Changed Your Taxes?

Nope. The so-called economic impact payments are not treated as income. In fact, they’re technically an advance on a tax credit, known as the Recovery Rebate Credit. The payments could indirectly affect what you pay in state income taxes in a handful of states, where federal tax is deductible against state taxable income, as our colleague Ann Carrns wrote. Read more.

Mostly.  Unemployment insurance is generally subject to federal as well as state income tax, though there are exceptions (Nine states don’t impose their own income taxes, and another six exempt unemployment payments from taxation, according to the Tax Foundation). But you won’t owe so-called payroll taxes, which pay for Social Security and Medicare. The new relief bill will make the first $10,200 of benefits tax-free if your income is less than $150,000. This applies to 2020 only. (If you’ve already filed your taxes, watch for I.R.S. guidance.) Unlike paychecks from an employer, taxes for unemployment aren’t automatically withheld. Recipients must opt in — and even when they do, federal taxes are withheld only at a flat rate of 10 percent of benefits. While the new tax break will provide a cushion, some people could still owe the I.R.S. or certain states money. Read more.

Probably not, unless you’re self-employed, an independent contractor or a gig worker. The tax law overhaul of late 2019 eliminated the home office deduction for employees from 2018 through 2025. “Employees who receive a paycheck or a W-2 exclusively from an employer are not eligible for the deduction, even if they are currently working from home,” the I.R.S. said. Read more.

Self-employed people can take paid caregiving leave if their child’s school is closed or their usual child care provider is unavailable because of the outbreak. This works similarly to the smaller sick leave credit — 67 percent of average daily earnings (for either 2020 or 2019), up to $200 a day. But the caregiving leave can be taken for 50 days. Read more.

Yes. This year, you can deduct up to $300 for charitable contributions, even if you use the standard deduction. Previously, only people who itemized could claim these deductions. Donations must be made in cash (for these purposes, this includes check, credit card or debit card), and can’t include securities, household items or other property. For 2021, the deduction limit will double to $600 for joint filers. Rules for itemizers became more generous as well. The limit on charitable donations has been suspended, so individuals can contribute up to 100 percent of their adjusted gross income, up from 60 percent. But these donations must be made to public charities in cash; the old rules apply to contributions made to donor-advised funds, for example. Both provisions are available through 2021. Read more.

“It helps boost the restaurant economy,” Ms. Weston said.

Changes to tax breaks for educational expenses. The December law also did away with the on-again, off-again deduction for tuition and related expenses, but expanded the income limits for the lifetime learning credit, a credit that covers many of the same costs, starting in 2021. The credit is worth up to $2,000 per tax return.

“This is a net positive for families,” said Mark Kantrowitz, publisher of Savingforcollege.com.

Often, he said, families were confused and took the deduction when they might have been better off taking educational credits. Tax credits are generally considered better than deductions because credits directly reduce the amount of tax owed.

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A Buyout Fund C.E.O. Got in Tax Evasion Trouble. Here’s Why Investors Shrugged.

Still, the low-key response to Mr. Smith’s tax violations stands in contrast to how a scandal played out involving Leon Black, a fellow private equity billionaire and a co-founder of Apollo Global Management. After the revelation, also last fall, that Mr. Black had paid Jeffrey Epstein, the disgraced financier and registered sex offender, tens of millions of dollars for tax and estate planning services, Apollo had an outside review conducted at Mr. Black’s behest. In January, Apollo announced that Mr. Black, 69, had done nothing wrong but would step down as chief executive by this summer and introduced several corporate governance changes.

Although investors didn’t pull their money from Apollo funds, shares of the firm, which is publicly traded and much bigger than Vista, have since lagged the performance of its rivals Blackstone Group and KKR. Some Apollo investors expressed their reservations publicly. Mr. Black’s dealings also prompted calls in the art world to oust him as chairman of the Museum of Modern Art.

The scandal involving Mr. Smith raised different ethical issues for investors, since Mr. Black’s dealings were with a convicted sex offender. But another reason both Mr. Smith, 58, and Vista have appeared unscathed from the tax evasion episode is that the firm was quick to alert investors — who dislike surprises and value disclosure — that trouble was brewing.

By the time federal prosecutors said in October that Mr. Smith had engaged in a 15-year scheme to hide $200 million in income and “evade millions in taxes” through a network of offshore trusts and bank accounts, Vista’s investors had been bracing for bad news for roughly four years. The scheme came to light after a long investigation into the ties between Mr. Smith and Robert T. Brockman, a billionaire Texas businessman who helped Vista, which is based in Austin, get off the ground.

Mr. Smith, who is Vista’s chairman and chief executive, learned in the summer of 2016 that he was the subject of a criminal tax investigation involving Mr. Brockman. That fall, Vista began providing investors with periodic — if minimal — updates on the federal inquiry, five people briefed on the matter said. The firm provided at least 10 updates to investors, said a person briefed on the firm’s activities, who declined to be identified because the matters aren’t public. The person did not provide details of what those disclosures included.

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