after section 6725 the following new section: 6726. Failure to comply with information reporting requirements relating to qualified opportunity funds (a) Information returns by funds (1) In general In the case of any person required to file a return under section 6039K fails to file a complete and correct return under such section the time and in the manner prescribed therefor, such person shall pay a penalty of $500 for each day during which such failure continues. (2) Limitation (A) In general The maximum penalty under this subsection on failures with respect to any 1 return shall not exceed $10,000. (B) Large funds In the case of any person the gross assets of which (determined on the last day of the taxable year) are in excess of $10,000,000, subparagraph (A) shall be applied by substituting $50,000 for $10,000 . (3) Inflation adjustment (A) In general In the case of any failure relating to a return required to be filed in a calendar year beginning after 2020, each of the dollar amounts in paragraphs (1) and (2) shall be increased by an amount equal to such dollar amount multiplied by the cost-of-living adjustment determined under section 1(f)(3) for the calendar year determined by substituting calendar year 2019 for calendar year 2016 in subparagraph (A)(ii) thereof. (B) Rounding (i) In general If the dollar amount in paragraph (1), after being increased under subparagraph (A), is not a multiple of $10, such dollar amount shall be rounded to the next lowest multiple of $10. (ii) Asset threshold If the $10,000,000 dollar amount in paragraph (2)(B), after being increased under subparagraph (A), is not a multiple of $10,000, such dollar amount shall be rounded to the next lowest multiple of $10,000. (iii) Other dollar amounts If any dollar amount in paragraph (2) (other than the amount to which clause (ii) applies), after being increased under subparagraph (A), is not a multiple of $1,000, such dollar amount shall be rounded to the next lowest multiple of $1,000. (b) Statements by investors (1) In general If—