Preheat your oven to 350°F (175°C) and grease and flour two 9-inch round cake pans.
In a large mixing bowl, whisk together the flour, sugar, baking soda, baking powder, and salt.
In another bowl, beat the softened butter until creamy. Add buttermilk, eggs, red food coloring, vanilla extract, and almond extract. Mix until smooth.
Gradually add the dry ingredients to the wet mixture, mixing until just combined.
Divide the batter evenly between the two prepared cake pans and bake for 25-30 minutes.
Let the cakes cool in the pans for 10 minutes, then transfer to wire racks to cool completely.
For the frosting, beat the softened cream cheese and butter until smooth. Gradually add powdered sugar, then mix in vanilla extract and heavy cream until fluffy.
Assemble the cake by placing one layer on a serving plate, spreading frosting on top, and adding the second layer. Frost the top and sides of the cake.