; and (B) be satisfied by attaching to such person’s return of tax for such taxable year the information required under section 6038D of the Internal Revenue Code of 1986. (2) Specified foreign financial asset For purposes of this section, the term specified foreign financial asset has the meaning given the term in section 6038D(b) of the 2211 Internal Revenue Code of 1986. . (b) Information with respect to specified foreign financial assets Section 6038D of the Internal Revenue Code of 1986 is amended— (1) in subsection (b)— (A) by striking For purposes of this section, and inserting Except as provided in paragraph (2), for purposes of this section, , (B) in paragraph (2), by redesignating subparagraphs (A), (B), and (C) as clauses (i), (ii), and (iii), respectively, (C) by redesignating paragraphs (1) and (2) as subparagraphs (A) and (B), respectively, (D) by striking For purposes and inserting: (1) In general For purposes , and (E) by adding at the end the following new paragraph: (2) Certain accounts exempt from financial reporting An account is exempt from the reporting requirement under subsection (a) if it is an account— (A) the maximum balance of which does not exceed $600 for the entire duration of the taxable year, (B) the usage of which is limited to a single merchant, or (C) the type of which is listed as an exempt account in Annex II of the Foreign Account Tax Compliance Act Intergovernmental Agreement in effect between the United States and the country in which such account is held. , (2) by redesignating subsections (f), (g), and (h) as subsections (g), (h), and (i), respectively, and (3) by inserting after subsection (e) the following new subsection: (f) Inflation adjustment (1) In general In the case of any taxable year after 2024, the $50,000 amounts in subsection (a) and subsection (e) shall be increased by an amount equal to— (A) such dollar amount, multiplied by (B) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins,