If you have an undisclosed offshore bank account, you are running out of time to avoid penalties for failure to report the account. The Offshore Voluntary Disclosure Program (OVDP) allows you to come forward voluntarily to provide information to the government on foreign sources of income and pay penalties up to 27.5 percent. However, the rules are changing and if you do not act by August 3, 2014, then the minimum penalties will be increased from 27.5 to 50 percent.