Do I need to get my L1B Visa Extension filed when I have Valid I-94


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My L1B Visa is expiring in May 2017 and my I-94 is valid till June 2018.  I got my L1B Visa in May 2014 and came here. The PED date on Visa is also May 2017, same as Visa end date . Got to know that there was some recent change which make it mandatory to apply for L1 Extension based on PED date.

Questions I have are below

1. Can I work in US without extending my L1B Visa or should I go for renewal?

2. By when should I submit the L1B Extension, if I have to submit L1B Extension. Can I submit it just 1 week before my PED expiring?

3. I am also applying for my H1B visa this year. Will there be issues if I have both L1B extension petition as well H1B petition with USCIS?

Appreciate if you can clean my query


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