The H-1B cap likely will be reached in January 2011.
The latest USCIS update says that 53,900 of the 65,000 regular H-1B numbers were used as of December 17, 2010.
International workers who are working in the U.S. on an H-1B visa with another cap-subject employer are not subject to H-1B cap. These cases are commonly referred to as “transfer” cases and may be filed at any time throughout the year.
Additionally, the USCIS sets aside an additional 20,000 H-1B numbers for graduates of US Masters degree (or higher) programs. As of December 17, 2010, 19,700 of the 20,000 have been received by USCIS. While no official USCIS announcement has been issued, that cap effectively may have already been reached.