Beat 1 cup softened butter and 1 cup granulated sugar on medium-high speed for 3 to 4 minutes until pale and fluffy. Add 2 eggs and 2 tsp vanilla extract and beat for 60 seconds. Scrape down the bowl.

Whisk together 2 3/4 cups flour, 1/2 tsp baking soda, 1/2 tsp baking powder, and 1/2 tsp salt in a separate bowl. Add to the butter mixture in 2 additions, mixing on low until just combined. Fold in 1 cup M&Ms with a spatula.

Preheat oven to 375°F (190°C) and line 2 baking sheets with parchment. Scoop dough into 12 balls of about 3 oz each, space 3 inches apart, and press a few extra M&Ms on top. Bake one sheet at a time for 11 to 13 minutes until edges are lightly golden and centers look slightly underdone. Rest on the pan for 10 minutes, then transfer to a wire rack.

Beat 1/2 cup softened butter for 2 minutes. Add 2 cups sifted powdered sugar one cup at a time on low speed. Mix in 2 tbsp heavy cream and 1 tsp almond extract, then beat on medium-high for 2 to 3 minutes. Add 2 to 3 drops pink food coloring and beat 30 seconds.

Spread a generous swirl of pink almond buttercream on each fully cooled cookie. Press 3 or 4 M&Ms into the frosting and serve.