First, FACTA imposes an additional new 6-year statute of limitations on an omission of income on undisclosed foreign financial assets.

FORBES: THE GOOD OLD DAYS PRE-FACTA

Instead of reporting to the IRS directly, some FFIs can report FACTA data to their own governments who then will exchange this information with the IRS. Treasury also developed a second model intergovernmental agreement.

FORBES: IRS Implements FATCA, Ramps Up Tax Evasion Battle

Under one type of agreement, FFIs can report FACTA data to their own governments who then exchange information with the IRS. Under the second type of agreement, FFIs must register with the IRS and report FATCA data directly.

FORBES: US and Switzerland Sign New FATCA Agreement

Summary of Key FACTA Provisions.

FORBES: Post Olympics, Brits Even Embrace FATCA

Expats Call For FACTA Repeal.

FORBES: Swiss Bank's Demise: Glass Half Empty Or Half Full?