Preheat the oven to 350 degrees. Prepare a large rimmed baking sheet with parchment paper.
In a medium bowl, whisk together the flour and baking powder. Set aside.
In a large mixing bowl, beat the butter for 5 minutes or until creamy. Add the sugar, scraping down the sides, and continue beating until fluffy.
Add the eggs, milk, oil, vanilla extract, and almond extract, beating until well blended.
Beat the flour mixture into the batter just until blended.
Portion the dough into 1 to 2 inch balls. On a lightly floured surface, roll the balls into a 5 inch rope. Twist the rope into a knot. Place the cookies onto the prepared baking sheet.
Bake for 10 minutes. Cool completely before icing.
To make the icing, mix all of the ingredients together. Invert the cookies and dip in the icing. Immediately add sprinkles if desired.