1. Yes Talking to your DSO and the the employer.
2. No, You would be CAP exempt.
Instead of asking for help/reply on AVVO and promising appreciation, you should schedule a consultation with an immigration attorney locally and in person. Might not be free, but would be much more useful for you.
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To change status you have to maintain status. You will not be subject to the cap however I hope you have convincing reason why you did not join your H-1B employer and chose to revert back to F-1. The new H-1B is unlikely to get rejected.
This response is general in nature and cannot be construed as legal advice, given that not enough facts are known. Any comments offered on Avvo are of a general nature only, and are not meant to create an attorney-client relationship. If you would like additional information based on this response, please contact my office at 510 657 7665 or 415 902 0832 to schedule a consultation.
Talk to the DSO to see when/how you can revert to student status. You are cap exempt as one H1 was approved for you. You will not be counted in the quota again.
Business Immigration Attorney. For H, L, J, EB5s, PERM and EB1/2/3 Petitions. Call 800-688-7892 or visit www.ImmigrationDesk.com. Law Office of Anu Gupta. The advice suggested here is for general information only and not to be construed as legal advice.