We summarize the report of the EMMI Rapid Reaction Task Force on “Real and Virtual Photon Production at Ultra-Low Transverse Momentum and Low Mass at the LHC”. We provide an overview of the soft-photon puzzle, i.e., of the long-standing discrepancy between experimental data and predictions based on Low’s soft-photon theorem, also referred to as “anomalous” soft photon production, and we review the current theoretical understanding of soft radiation and soft theorems.