1 shall have the meaning given such term under such subchapter. . (2) Penalties Part II of subchapter B of chapter 68 of the Internal Revenue Code of 1986 is amended by inserting after section 6725 the following new section: 6726. Failure to comply with information reporting requirements relating to qualified opportunity funds (a) In general If— (1) any person is required to file a return under section 6039K or a statement under section 6039L for any period, and (2) fails— (A) to file such return or statement on or before the required filing date, or (B) fails to include all of the information required to be shown on the return or statement or includes incorrect information, such person shall pay a penalty of $10,000. (b) Reduction where correction in specified period If any failure described in subsection (a)(2) is corrected on or before the day 30 days after the required filing date, the penalty imposed by subsection (a) shall be $250 in lieu of the amount determined under such paragraph. (c) De minimis errors If— (1) there are 1 or more such failures described in subsection (a)(2)(B) relating to an incorrect dollar amount, and (2) no single amount in error differs from the correct amount by more than $25, then no correction shall be required, and, for purposes of this section, such return or statement shall be treated as having been filed with all correct required information. (d) Penalty in cases of intentional disregard If 1 or more failures described in subsection (a)(2) are due to intentional disregard of the filing requirement (or the correct information reporting requirement), then, with respect to each such failure— (1) subsections (b) and (c) shall not apply, and (2) the amount of the penalty determined under subsection (a) shall be twice the amount which would be determined without regard to this paragraph. (e) Inflation adjustment (1) In general In the case of any failure relating to a return or statement required to be filed in a calendar year beginning after 2020, each of the dollar amounts in