Edited from Grandma Larsen's Recipe:

1 Cup Butter - Room temperature (no substitutions)
1 Cup Sugar
2 Eggs
1/2 Teaspoon Vanilla
1/2 Teaspoon Almond Extract (I prefer lemon)
3 1/4 Cups flour
1/2 Teaspoon Baking Soda
1/2 Teaspoon Baking Powder
1/2 Teaspoon Salt

For the Frosting:
2 Cups Powdered Sugar
2 TB milk (add more if needed)
2 TB light corn syrup
1/2 teaspoon almond extract (i prefer lemon)
food coloring

In a large bowl, combine butter with sugar, eggs, vanilla and lemon extract; beat using an electric mixer on high until light and fluffy. In another bowl, combine the flour with baking powder, baking soda and salt. Gradually stir dry ingredients until well blended. Cover and chill for at least an hour.

When ready to bake, preheat oven to 400 degrees. Line cookie sheets with parchment paper (silpat and waxed paper do not work - must be parchment paper!) Mix 1/4 cup flour and 1/4 cup powdered sugar - use this to lightly dust your work surface. Roll dough into about 1/4 inch thickness. cut into desired shapes using cookie cutters. Use spatula to lift and place on cookie sheet - approx 1 inch apart. Bake 8-10 minutes and allow to cool for about 5 minutes before lifting onto wire rack to cool. Do not let edges of cookie brown.

Frosting; In a small bowl, mix powdered sugar, with 2 TB milk. Beat in corn syrup and flavoring extract until icing is smooth and glassy. You do not want it too thin. Put frosting into a plastic bag and cut just the very tip of the corner of the bag off. Squeeze frosting evenly onto the cookie to flood it completely. use the tip of the bag to drag the frosting accross the desired coverage area. It dries fairly quickly, so add any sprinkles immediately or they won't stick. Allow frosting to dry for an hour before stacking cookies on top of each other. place wax or parchment paper in between layers of cookies if you stack them.

Options: This cookie dough freezes well. Baked/unfrosted cookies freeze well too. Freeze them and frost them on another day if you like.