with subsection (e) or (f) of section 10 of such Act. . (2) Regulatory authority (A) In general Section 162(e) of such Code, as amended by subsection (b), is amended by redesignating paragraph (7) as paragraph (8) and by inserting after paragraph (6) the following new paragraph: (7) Regulations The Secretary shall prescribe such guidance, rules, or regulations as are necessary to carry out the purposes of this subsection, including rules relating to the timing of any deductions in connection with amounts described in paragraph (4)(D)(ii)(VIII). . (B) Timing Not later than the date that is 240 days after the date of the enactment of this Act, the Secretary of the Treasury (or the Secretary's delegate) shall prescribe guidance, rules, or regulations with respect to the application of the amendments made by this Act. (d) Information reporting (1) Certain information included in tax returns (A) In general Part I of subchapter B of chapter 68 is amended by adding at the end the following new section: 6720D. Failure to include certain information with respect to employer activities relating to labor organizations (a) In general If any taxpayer who makes expenditures described in section 162(e)(1)(E) fails to provide with the return of tax for the taxable year to which such expenditures relate the information provided in subsection (c) with respect to such expenditures, or who fails to provide all of the information required under subsection (b) or fails to provide correct information, shall pay a penalty in the amount determined under subsection (b). (b) Determination of penalty amount (1) In general The amount of the penalty under this section for any failure described in subsection (a) shall be the greater of— (A) $10,000, or (B) the product of $1,000 and the number of full time equivalent employees of the employer (as determined under section 45R(d)(2)). (2) Increased penalty where failure continues (A) In general If any failure described in subsection (a) (1) continues for more than 90 days after the day on which