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Preheat oven to 350. Lightly grease and flour two 9 inch round cake pans or one 9×13 cake pan and set aside.
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Cream together the butter and sugar in a large bowl with an electric mixer at medium speed until very smooth, at least four minutes. Add eggs, vanilla, and coconut flavoring and beat well to combine. In a separate medium sized bowl, stir together flour, baking soda, baking powder, and salt.
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Add flour mixture and the buttermilk to the butter mixture and beat with an electric mixer at medium speed, scraping down the sides as needed, until thoroughly blended and smooth, 2-3 minutes.
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Pour batter into the prepared pans. Bake until a toothpick inserted in the center comes out clean, 25-30 minutes for round cakes and 30-35 for a 9×13 cake.
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Cool completely and frost with no fail seven minute frosting. Sprinkle with coconut and press coconut into sides immediately after frosting.
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Keep covered at room temp for up to two days or in the refrigerator for up to a week.