Preheat the oven to 375 degrees F. Line a baking sheet with parchment paper and set aside.
In a stand mixer, mix the butter with the granulated sugar until fluffy. Little by little add in the powdered sugar. Mix until combined.
Add the vanilla, and one egg at a time. Add the cream cheese and mix until combined.
In another bowl, sift the flour, baking soda, and baking powder. Slowly add the dry ingredients to the butter mixture until everything comes together. Do not over mix.
Place the mixture in the refrigerator for at least an hour so it is easier to handle. With a small cookie scoop, scoop round balls onto the prepared baking sheet. Place them on the baking pan about 2 inches apart. They really do expand, so keep that in mind.
Bake for 12 minutes or until they are starting to brown. Allow to cool completely before removing.
Buttercream frosting
Meanwhile, prepare your buttercream frosting by beating the butter with a stand mixer, until light and fluffy. Add the sugar little by little until fully combined. Add the vanilla, whipping cream, and food coloring. Mix until combined.
Using a spatula, spread some of the buttercream frosting over each cookie and top with sprinkles. Let the frosting firm up before serving.