Do the physical presence and bona fide residence tests matter if I live in the U.S.?

Those two tests determine eligibility for the Foreign Earned Income Exclusion, and they only help people who actually live and work abroad, so if you reside in the U.S. they do not apply to your U.S.-based earnings. The physical presence test requires 330 full days in a foreign country within a rolling 12-month period; the bona fide residence test requires being a genuine resident of a foreign country for an uninterrupted tax year. An immigrant living and earning in the States cannot exclude that U.S. income. Where these tests can matter to newcomers is in a transition year: if you spent much of the year working abroad before immigrating, you might qualify to exclude that earlier foreign salary on Form 2555. Otherwise, your relief for any foreign taxes comes through the Foreign Tax Credit, not the exclusion.