H-1B and L-1 Visa Reform Act of 2010

H-1B and L-1 Visa Reform Act of 2010 - Amends the the Immigration and Nationality Act to revise employer and government provisions regarding H-1B (specialty occupation) and L-1 (intracompany transfer) nonimmigrant aliens.

Amends H-1B employer application requirements to: (1) revise wage determination requirements; (2) require Internet posting and description of employment positions; (3) lengthen U.S. worker displacement protection: (4) apply certain requirements to all H-1B employers rather than only to H-1B dependent employers; (5) prohibit employer advertising that makes a position available only to, or gives priority to, H-1B nonimmigrants; and (6) limit the number of H-1B and L-1 employees that an employer of 50 or more workers in the United States may hire.

Revises application review provisions. Authorizes the Department of Labor (DOL) to: (1) investigate applications for fraud; and (2) conduct H-1B compliance audits.

Directs DOL to conduct annual audits of companies with large numbers of H-1B workers.

Authorizes DOL to initiate H-1B employer application investigations.

Increases employer penalties.

Revises provisions regarding initiation of employer violation investigations by DOL.

Provides for information sharing between DOL and United States Citizenship and Immigration Services regarding employer noncompliance.

Authorizes DOL to hire 200 additional employees to administer H-1B programs.

Prohibits, with a specified waiver by the Secretary of Homeland Security (DHS), an employer from hiring an L-1 nonimmigrant for more than one year who will: (1) serve in a capacity involving specialized knowledge; and (2) be stationed primarily at the worksite of an employer other than the petitioning employer.

Specifies L-1: (1) employer petition requirements for employment at a new office; (2) wage rates and working conditions; and (3) employer penalties.

Authorizes the Secretary to initiate an L-1 employer investigation.

Requires a report to Congress regarding the L-1 blanket petition process.