Preheat oven to 350°F (175°C).

In a large mixing bowl, cream together the sugar and 1 cup of softened butter until light and fluffy.

Add cream cheese, egg, vanilla extract, and almond extract to the mixture and mix until well combined.

In a separate bowl, combine flour and baking powder; gradually add to the creamed mixture, mixing until just combined.

Fold in the Lucky Charms cereal.

Drop rounded tablespoons of dough onto ungreased baking sheets.

Bake for 10 minutes or until lightly golden.

Allow cookies to cool before frosting.

For the frosting, beat together the 0.5 cup softened butter and 4 cups powdered sugar, adding milk until the desired consistency is reached. Optional: add food coloring.

Frost cooled cookies.