You should send out the forms as soon as you can after the due date.
There are potential penalties but they may or may not be assessed. The penalty per form is $15 if you file within 30 days after the due date. If you are later than that, but before August 1, the penalty is $30 per form. If you file after August 1 or don't file at all, the penalty is $50 per form.
Intentional disregard of the filing requirement can result in a penalty of $100 per form, with no maximum penalty.
You do not forego the expense unless you never file the form and are later examined, in my experience.
I hope this helps explain late filing penalty for From 1099.