Fabio Fognini has been fined $96,000 (£72,806) for his outburst against an umpire at the US Open last month.
The Grand Slam Board ruled that Fognini's punishment, which he has accepted, will be reduced if he does not commit another offence during the next two seasons.
"Fognini accepts and will not appeal this decision and he has expressed remorse for his admitted misconduct. He has confidence that he will meet the conditions necessary to reduce his financial penalty and to lift his Grand Slam tournament suspensions in the future," said the governing body in a statement.
The 30-year-old's fine will be halved if he complies with the terms of his suspended ban.