Trametes versicolor, or the turkey tail fungus, is one of the most common species of fungus in North America. They grow on dead or diseased hardwoods or conifers. They are decomposers of the polyporaceae family. They can vary tremendously in color. Individual caps cans grow up to 10 cm across, but often fuse with other caps. They are not poisonous to humans, but are also not consumed. They are currently being used in clinical trials to help boost the immune systems of cancer patients.
My iNaturalist observation can be found here.