The JPEG standard has known an enormous market adoption. Daily, billions of pictures are created, stored and exchanged in this format. The JPEG committee acknowledges this success and spends continued efforts in maintaining and expanding the standard specifications. JPEG XT is a standardization effort targeting the extension of the JPEG features by enabling support for high dynamic range imaging, lossless and near-lossless coding, and alpha channel coding, while also guaranteeing backward and forward compatibility with the JPEG legacy format. This paper gives an overview of the current status of the JPEG XT standards suite. It discusses the JPEG legacy specification, and details how higher dynamic range support is facilitated both for integer and floating-point color representations. The paper shows how JPEG XT's support for lossless and near-lossless coding of low and high dynamic range images is achieved in combination with backward compatibility to JPEG legacy. In addition, the extensible boxed-based JPEG XT file format on which all following and future extensions of JPEG will be based is introduced. This paper also details how the lossy and lossless representations of alpha channels are supported to allow coding transparency information and arbitrarily shaped images. Finally, we conclude by giving prospects on upcoming JPEG standardization initiative JPEG Privacy & Security, and a number of other possible extensions in JPEG XT.