In a large bowl, cream together the butter and sugar until light and fluffy, about 1 minute. Add the eggs, egg yolks, vanilla extract, almond extract, orange zest and cinnamon and beat until well combined.
In a separate bowl, whisk together the flour, baking powder, and salt. Add to the butter mixture and stir until the dough comes together. Divide in half and wrap each half in plastic wrap. Chill for 1 hour, or until firm enough to roll.
Preheat oven to 375° F. Line two baking sheets with parchment paper and set aside.
Working with one half of dough at a time, roll out onto a lightly floured work surface, to 1/2-inch thick. Use a 2-inch round cookie cutter to cut out the cookies and place on the prepared baking sheets, spacing them out 1-inch apart. Bake until lightly golden brown around the edges, about 10 to 12 minutes. Cool on baking sheets for 5 minutes before transferring to a wire rack to cool completely.
Meanwhile, to make the topping, beat together the cream cheese, powdered sugar, vanilla, salt, orange, and cinnamon until creamy and smooth. Transfer the mixture to a piping bag, fitted with a plain circle tip.
Place the 1/3 cup granulated sugar into a small shallow dish. Once the cookies have cooled completely, pip out a thin layer of the topping onto each cookie making a circle in the center. Dip upside down into the granulated sugar and then carefully caramelize the top with a kitchen blowtorch. Serve immediately or store in the fridge in an airtight container (with sheets of wax or parchment paper in between) for up to 4 days. Enjoy!