Preheat oven to 400°. Prepare a cookie sheet by lining with parchment paper, use a silpat liner, or spray with cooking spray. * If you have several cookie sheets then prepare 2 or 3 of them so you can have a tray ready to go as soon as the other one is done.
In a large bowl with a handmixer, or use the bowl of a stand mixer with the paddle attachment, beat together the butter, granulated sugar, and powdered sugar until lighter in color and fluffy looking. This will take about 2 minutes of mixing.
Add in the eggs, one at a time, mixing well after each egg.
Add the vanilla extract and almond extract. Mix until combined.
Add 2 cups of flour, baking powder, and salt. Mix on low speed, increasing speed as needed, just until the flour is incorporated.
Add the remaining flour (3½ cups) and mix on low speed, increasing speed as needed and sraping down the sides of the bowl as needed.
Spray the countertop lightly with cooking spray and dust with flour to prevent sticking. Using a rolling pin, roll the dough out to about ¼-½ inch thickness. Cut into preferred shape and place 12 per cookie sheet (or less depending on the size of your cookie cutter).
Bake for 6-9 minutes. You do not want the cookies to have any brown on them when you pull them out of the oven. The cookie should still be pale and slightly puffy but not browned anywhere. If the edges are slightly browned then that means you cooked them for too long. The middle should also not look wet, but rather puffy looking but still pale. I have found that about 6½ - 7 minutes is perfect for my oven.
Let the cookies cool on the cookie sheet for about 5-10 minutes and then remove them to a cooling rack to cool completely before frosting.
MAKE THE FROSTING : Beat butter and cream cheese in a mixing bowl until creamy and combined. Add the powdered sugar, heavy cream, and almond extract. Beat together until combined and creamy. If you want to add color to the frosting add a few drops of food coloring (I prefer the gel food color) at the end and then mix together until combined.
Frost each cookie and sprinkle the top with sprinkles. Change up the sprinkles and/or frosting color for any Holiday or celebration.