Effective with returns due after January 1, 2016, penalties have increased for not filing correct information returns and/or not furnishing correct payee statements, plus penalties are now subject to inflationary adjustments. Examples of affected forms include: Forms 1098, 1099, W-2G and W-2

The amount of the penalty is based on when you file the correct information return or furnish the correct payee statement. The penalty for not filing a correct information return is separate from the penalty for not providing the correct payee statement. For example, if you don’t file a correct Form 1099-MISC with the IRS and don’t provide a correct Form 1099-MISC statement to the payee, then you may be subject to two separate penalties.

You can find details related to filing 1099’s at https://www.irs.gov/government-entities/federal-state-local-governments/increase-in-information-return-penalties