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low speed, alternately add the dry ingredients and the milk to the batter in 3 parts, beginning and ending with dry ingredients. Mix until just combined. Fold in the 4 ounces of coconut with a rubber spatula.
Pour the batter evenly into the 2 pans and smooth the top with a knife. Bake in the center of the oven for 45 to 55 minutes, until the tops are browned and a cake tester comes out clean. Cool on a baking rack for 30 minutes, then turn the cakes out onto a baking rack to finish cooling.
For the frosting, in the bowl of an electric mixer fitted with a paddle attachment, combine the cream cheese, butter, vanilla and almond extract on low speed. Add the confectioners' sugar and mix until just smooth (don't whip!).
To assemble, place 1 layer on a flat serving plate, top side down, and spread with frosting. Place the second layer on top, top side up, and frost the top and sides. To decorate the cake, sprinkle the top with coconut and lightly press more coconut onto the sides. Serve at room temperature.
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