Filing Form 1099-NEC late can result in penalties imposed by the IRS. The severity of the penalties depends on the duration of the delay and the size of your business. The IRS enforces penalties for both intentional disregard and negligent late filing. These penalties can range from $50 to $550 per form, based on the reason and timing of the delay. To avoid penalties and maintain tax compliance, it is essential to file Form 1099-NEC in a timely manner.