USCIS has just announced that of as May 26th, they will suspend premium processing for H-1B extension petitions until July 27th, 2015. During this time, it will not be possible to file form I-907 for H-1B extension cases. USCIS will continue to accept I-907s/requests for premium processing for H-1B cases in which the beneficiary is seeking a change of status from another visa classification (such as a cap-exempt filing), and/or where consular processing is requested.
USCIS says that they are making this move to accommodate the implementation of the H-4 EAD final rule, which is set to begin on May 26th, 2015 (next Tuesday - get your filings ready!).
Most of the time premium processing is not required for H-1B extensions cases but we recognize that this will cause a problem for some cases (if you need to travel, for example). If you need assistance devising an immigration strategy in light of this sudden announcement, please contact our office at 804-396-3412 to set a time for a consultation.
Also, keep in mind that it is possible to upgrade a pending petition to premium processing later. That is, if you file an H-1B extension petition between now and July 27th and later (after July 27th) need to upgrade to premium processing, you should be able to do that.