Preheat your oven to 350F. Grease two 8-inch round cake pans and line the bottoms with parchment paper.
In a large mixing bowl, whisk together the all-purpose flour, granulated sugar, unsweetened cocoa powder and baking soda.
In a separate bowl, whisk the buttermilk, vegetable oil, white vinegar and red food coloring until the liquid turns bright red.
Make sure the liquid color is vibrant, as it will lighten slightly once mixed with the dry ingredients. Pour the red wet mixture into the dry ingredients and stir with a spatula just until a smooth batter forms.
Divide the cake batter evenly between your two prepared baking pans.
Bake for 25 to 30 minutes, or until a toothpick inserted into the center of the cakes comes out clean. Let the cakes cool completely.
While the cakes cool, use a hand mixer to beat the cream cheese and softened butter until fluffy, then slowly mix in the powdered sugar to create the frosting.
Spread a generous layer of the cream cheese frosting between the two cooled cake layers, then use the rest to frost the top and sides.
