Preheat the oven to 350°F and line 2 baking sheets with parchment paper.
Using a handheld or stand mixer fitted with the paddle attachment, beat the butter and granulated sugar for about 3-4 minutes or until light and fluffy, scraping the sides and bottom of the mixing bowl as needed.
Add the eggs one at a time, beating after each addition, just until combined. Add the vanilla and almond extracts and beat until combined.
In a separate bowl, whisk together the flour and baking powder.
Gradually add the flour mixture to the butter/sugar mixture, mixing throughly until combined.
Portion out the dough into 1/4 cup portions and roll each portion into a ball. Arrange dough balls on the prepared baking sheets leaving about 2-inches between each cookie (6 per sheet). With the back of a measuring cup or a drinking glass, gently press down on the middle of each cookie dough ball. Don’t make them too flat!
Bake for 9-12 minutes or until the cookie’s center is a bit puffed up and no longer glossy. Remove from the oven. The cookies will set more as they cool.
Alow them to sit on the baking sheet for about 8-10 minutes before placing them on a cooling rack.
While the cookies cool, make the frosting. The cookies will get frosted while they are slightly warm (not hot).
Using a handheld or stand mixer, beat the butter until smooth and fluffy. Gradually, add the powdered sugar and mix well. Stir in the almond extract and add the milk one tablespoon at a time until the mixture reaches the right frosting consistency.
Add 3-4 drops of pink food coloring and mix until the color has completely incorporated.
Spread some of the frosting on each cookie while they are still slightly warm. The frosting will melt slightly.
When the cookies are completely cool, chill them in the fridge. Serve them cold out of the fridge.