In a large bowl using a hand mixer, beat together the butter, sugar, and cream cheese until light and fluffy. Add eggs, vanilla, and almond extract. Beat until fully combined.

Add dry ingredients and mix until just combined. Transfer dough to a piece of plastic wrap and form into a large disc. Refrigerate for at least 1 hour.

Preheat oven to 350 degrees F. Line two baking sheets with parchment paper.

Lightly flour the surface then roll out the dough until it is 1/2-inch thick. Use a 3-inch round cookie cutter to cut cookies. Place on baking sheet. Collect the scraps and reroll the dough until all cookies are cut out.

Bake cookies until edges are just set, about 10-12 minutes. Cool completely before removing cookies from the baking sheet.

Prepare the frosting: In a large bowl, beat the butter until it is light and fluffy, about 2 minutes. Add the powdered sugar and beat an additional 3 minutes until the frosting is light and fluffy. Add heavy cream, vanilla, and salt. Beat just to combine. Add food coloring and beat to combine, making sure to scrape down the sides of the bowl for uniform color.

Use an offset spatula or knife to spread a thick layer of frosting on each cookie. Add sprinkles while frosting is still wet so that they will stick.