Heat the Oven and Ready the Pans: Set your oven to 350°F (175°C). Grease and line the bottom of two 8 or 9-inch round cake pans with parchment paper.
Combine Dry Ingredients: In a medium-sized bowl, sift and mix together the flour, baking powder, baking soda, and salt.
Cream Butter and Sugar: In a large mixing bowl, beat the butter and sugar together until light and fluffy, about 3-4 minutes.
Incorporate Eggs: Introduce the eggs one at a time, ensuring each is thoroughly beaten into the batter before adding the next.
Incorporate Dry Ingredients and Buttermilk: Alternate adding the dry ingredients and buttermilk, beginning and ending with the dry ingredients. Mix until just combined.
Add Vanilla and Color: Stir in the vanilla extract and yellow food coloring until the batter is evenly colored.
Pour and Bake the Batter: Evenly distribute the batter into the prepared pans. Let the cakes bake for 25-30 minutes, or until a toothpick comes out clean when inserted into the middle.
Cool the Cakes: Allow the cakes to cool in the pans for 10 minutes, then transfer them to a cooling rack to cool completely.
Prepare the Frosting: In a mixing bowl, beat the cream cheese and butter until smooth. Slowly blend in the powdered sugar and a splash of vanilla extract. If needed, add heavy cream to reach your desired consistency.
Construct the Cake: Begin by placing one layer of cake on a cake stand or plate. Smooth a generous amount of frosting over the first layer. Position the second cake layer on top and apply frosting to its top and sides. Decorate as desired.