Preheat oven to 375 degrees F. Line two large baking sheets with parchment paper. Set aside.
In a large bowl, whisk flour, baking powder, baking soda and salt.
In a separate large bowl, add cream cheese, butter and sugar. Mix with the paddle attachment or your electric mixer or beat with a handheld mixer, until combined and fluffy, about 3 minutes. Beat in egg, vanilla extract, and almond extract. Add flour mixture and beat on low just until flour disappears. Do not overmix.
Cover mixing bowl and refrigerate for 20-30 minutes. Pour rainbow sprinkles into a bowl.
Scoop dough into 1 Tablespoon-sized balls. Roll dough between your palms to make round. Gently roll in sprinkles, coating completely.
Transfer dough balls to baking sheet, spacing 2 inches apart. Use a flat bottomed object (glass, can, bowl, measuring cup) to gently press down on cookies to flatten.
Bake for 8-10 minutes. They may be slightly under baked - this is good!
Remove from oven and allow cookies to cool for a couple minutes, before transferring to cooling racks.
To store: Place cookies in an airtight container, or in a resealable plastic bag, for up to one week. Freeze for up to one month.Adapted from The Forked Spoon
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