The FAQs on this page provide details on how tax reform affects Estate and Gift Tax. Visit the Estate and Gift Taxes page for more comprehensive estate and gift tax information. Making large gifts now won’t harm estates after 2025 On November 26, 2019, the IRS clarified that individuals taking advantage of the increased gift tax exclusion amount in effect from 2018 to 2025 will not be adversely impacted after 2025 when the exclusion amount is scheduled to drop to pre-2018 levels. The IRS formally made this clarification in final regulations released that day. The regulations implement changes made by the Tax Cuts and Jobs Act (TCJA), tax reform legislation enacted in December 2017. Here are some questions and answers on the new law and regulations. Q. What are gift and estate taxes?