In a large bowl, stir together the flour, baking powder, baking soda, and salt; set aside.
In a separate bowl, beat the butter, shortening, and sugar together until light and fluffy.
Add the egg, sour cream, vanilla extract, and almond extract and beat again, scraping down the sides of the bowl as needed.
Add the flour mixture in 2-3 smaller additions; mixing well after each addition.
Wrap the dough with plastic wrap and chill in the refrigerator for 4 hours.
Preheat the oven to 350°F/175°C, line a cookie sheet with parchment paper and set aside.
Remove the dough from the plastic wrap to a floured surface and use a rolling pin to roll it to a thickness of ½”.
Use a 3” circular cookie cutter to cut the dough and transfer the rounds to the prepared baking sheet 1 inch apart.
Bake in the preheated oven for 7-9 minutes or until puffed and no longer glossy on top; allow to cool completely before frosting.
To prepare the frosting, beat the butter until light and fluffy, then add the powdered sugar and beat again until smooth. Next, stir in the vanilla and salt. Add the food coloring if desired and mix well.
Frost each cooled cookie with a generous amount of frosting and add sprinkles if desired.
Notes
Don't roll the dough out too thin. You want the unbaked cookies to be ½” thick so that they bake up perfectly soft. Any thinner and they may end up too crispy.
Avoid any browning at all. The cookies are ready when they are just set on top and no longer look wet and shiny.
Let them cool completely. Very carefully transfer the baked cookies to a cooling rack, and let them cool all the way down before adding the frosting. If they aren't cooled completely, your frosting will melt!
Be generous with the frosting! It's obviously the best part.
Storage: Once you've frosted these cookies, store them in a single layer in an airtight container in the fridge. They will stay fresh for up to 5 days.
You can also freeze frosted Lofthouse cookies for up to 3 months. Simply allow them to thaw at room temperature before enjoying.