Preheat oven to 350F degrees. Line two large baking sheets with parchment paper or silicone baking mats. Set aside.
Whisk together the flour, baking soda, and baking powder in a medium size bowl. Set aside.
In a large bowl, using an electric or stand mixer, cream together the butter, and granulated sugar until combined.
Add egg yolks and vanilla extract.
Add flour mixture and mix until just combined. DO NOT OVERMIX!
Using a cookie scoop or ice cream scoop, scoop dough into balls about 2 Tablespoons each and place onto prepared baking sheet.
Put 1/4 cups of sugar into a small bowl. Place bottom of a glass into the sugar. Firmly press the bottom of the glass into the center of each dough ball. You want the dough to spill out over the sides of the glass.
Bake for 15-18 minutes or until tops of cookies start to crack. Let cool for 5 minutes on baking sheet before moving them to a wire rack. Let cool completely on wire rack before frosting.
MAKE THE FROSTING:
Mix softened butter on medium speed with an electric or stand mixer. Beat for 30 seconds until smooth and creamy.
Add powdered sugar, heavy whipping cream, and vanilla extract. Increase to high-speed and beat for 3 minutes. Add more cream if needed for spreading consistency. Add a couple drops of food coloring.
Frost each sugar cookie using a knife and sprinkle with sprinkles.
Notes
Freezing the cookie dough:Roll the dough into balls and place them in an airtight container. You can freeze the cookie dough for up to 2 months. Once your ready to bake them, place frozen cookie dough balls onto prepared baking sheet and bake for 13-16 minutes.
Storing the cookies:Cookies will stay fresh for up to 7 days in an airtight container, stored at room temperature.