Questions about L1 B- I-129S validity vs I-94 validity

[panachepandey]

Hello,

I have been in US in L1 B visa about 4+ years and I have my I-129S valid until Jan 2017 however, I have my I-94 valid upto Jan 2018. Though I have my I-129S valid until Jan 2017, but since I visited India in the last 4 years few times so my 5 years physical presence would be ended on somewhere May 2017.

So my questions are

1) Do I need to apply any extension to live and work for the period from Jan 2017 (I -129S validity )to May 2017 (5 years physical presence ends) ?
2) If extension is not needed, then should I assume I can live until May 2017 and no form of USCIS approval is needed?

With my little research I read somewhere in USCIS web site that the date which is mentioned in I-129S is the one which takes into account for L1 B cases not the I-94 (means whichever is less is the time person is legal). So since I have I-94 valid until 2018, Jan, its no of use for me. Could someone confirm this?

Note: I have already had VISA renewal done last year after I had my first 3 years of VISA expired.

I appreciate your comments and advise.

Thanks.

Pana!