The penalty can be from $50 per 1099 form, the maximum penalty can be up to $194,000.
The penalty increases to $100 per 1099 form if you submit more than 30 days after
the due date, but by August 1; the maximum penalty is $556,500. If you file after
August 1, the penalty increases to $280 per 1099 form, with a maximum of $3,392,000.
Additionally, there are penalties for failure to furnish the payee statement.