The penalty for late filing of Form 1099-K varies depending on the length of the delay. The penalty amount is as follows: - $50 per statement if filed within 30 days late. - $110 per statement if filed more than 30 days late, but before August 1st. - $280 per statement if filed on or after August 1st or not filed at all. These penalties apply to each Form 1099-K that is filed late. Additionally, if there is intentional disregard for the filing requirements, the penalties can be higher.