Preheat oven to 350 degrees F (175 degrees C) and place rack in center of oven. Butter two - 9 inch (23 cm) round cake pans and line the bottoms of the pans with parchment paper. Set aside.

Red Velvet Cake: In a mixing bowl sift together the flour, baking powder, salt, and cocoa powder. Set aside.

In bowl of your electric mixer, or with a hand mixer, beat the butter until soft (about 1-2 minutes). Add the sugar and beat until light and fluffy (about 2-3 minutes). Add the eggs, one at a time, beating well after each addition. Scrape down the sides of the bowl. Add the vanilla extract and beat until combined.

In a measuring cup whisk the buttermilk with the red food coloring. With the mixer on low speed, alternately add the flour mixture and buttermilk, in three additions, beginning and ending with the flour.

In a small cup combine the vinegar and baking soda. Allow the mixture to fizz and then quickly fold into the cake batter. 

Working quickly, divide the batter evenly between the two prepared pans and smooth the tops with an offset spatula or the back of a spoon. Bake in the preheated oven for approximately 25 - 30 minutes, or until a toothpick inserted in the center of the cakes comes out clean.

Cool the cakes in their pans on a wire rack for 10 minutes. Place a wire rack on top of the cake pan and invert, lifting off the pan. Once the cakes have completely cooled, wrap in plastic and place the cake layers in the freezer for at least an hour. (This is done to make filling and frosting the cakes easier.)

Cream Cheese Frosting: In your food processor, or with a hand mixer, process the cream cheese and mascarpone cheese until smooth. Add the vanilla and confectioners sugar and process until smooth. Transfer this mixture to a large mixing bowl.

Then, in the bowl of your electric mixer, or with a hand mixer, whip the cream until stiff peaks form. With a large spatula, gently but quickly fold a little of the whipped cream into the cream cheese mixture to lighten it. Then fold in the remaining whipped cream, in two stages. Cover and place the frosting in the refrigerator for an hour or two, or until it is firm enough to spread.

Assemble: With a serrated knife, cut each cake layer in half, horizontally. You will now have four cake layers. Place one of the cake layers, top of the cake facing down, onto your serving platter. Spread the cake layer with a layer of frosting.  Place another layer of cake on top of the frosting and continue to frost and stack the cake layers. Frost the top and sides of the cake. Can garnish the cake with sweetened or unsweetened coconut.

Makes one - 9 inch (23 cm) four layer cake.