Parma have been docked one point in the Serie B table by the Disciplinary Commission, while Reggina had another four taken off for a total of seven.
The Stadio Tardini club missed the deadline to fulfil their obligations for the February taxes on their salary bill.
Reggina have been struggling with financial problems all season and had already been docked three points for various financial irregularities.
They have still not been able to fix those issues and today saw another four points taken off their tally as punishment.
Frosinone have already been promoted to Serie A after securing 72 points, while Genoa are next in line on 67 – having also been docked one point for failing to keep up tax payments.
Today’s decisions mean Parma drop down to 51 points in fifth place, while Reggina are now on just 42 points in 14th position.
If they had not been docked seven points, Reggina would be in seventh place and in the running for the promotion play-offs.