In a bowl add flour, baking powder, salt, nutmeg and cinnamon and sift or whisk until combined and set aside.
In a bowl add butter and sugars and mix with a hand mixer until fluffy. Add egg nog, vanilla extract and rum extract, and mix until fluffy. Add egg yolks one at a time. Then slowly add in dry ingredients.
Chill dough in fridge for 15 minutes.
Scoop 1 tablespoon of dough onto parchment paper lined baking sheets.
Bake 10-12 minutes.
Cool on baking sheet before icing.
TO MAKE FROSTING
In a bowl, whip butter, then add vanilla extract and 3 tablespoon of eggnog.
Add powdered sugar until you reach desired consistency.