Preheat the oven to 350ºF. Line cupcake pans with paper liners.

In the bowl of an electric mixer with the paddle attachment, combine the oil and the sugar. Mix on medium-high speed for 2-3 minutes. Add in the eggs, one at a time, beating well between each addition and scraping down the bowl once or twice. Add in the vanilla and almond extracts and mix well.

In another bowl, sift together the flour, baking powder, baking soda and salt. With the mixer on low, add one third of the flour mixture, followed by half of the buttermilk, another one third of the flour mixture, the remaining buttermilk, then ending the the remaining flour mixture. Mix just until combined. Fold the coconut in with a spatula.

Fill the cupcake liners 3/4 full with the batter. Bake for 18-20 minutes, or until a toothpick inserted in the center comes out clean. Allow the cupcakes to cool completely.

To make the frosting, cream together the cream cheese, butter, almond extract and vanilla extract until light and smooth. Slowly add in the powdered sugar and mix until smooth.

Frost the cupcakes with the frosting then sprinkle the tops with the coconut.