Preheat your oven to 325°F (163°C). Grease a 10-inch bundt pan with butter or baking spray.

In a medium bowl, whisk together 2 cups of all-purpose flour, 2 teaspoons of baking powder, 1/2 teaspoon of baking soda, and 1/2 teaspoon of salt.

Using a stand mixer fitted with a paddle attachment, beat together 1/2 cup of softened unsalted butter and 8 ounces of room-temperature cream cheese until smooth. Gradually add 1 1/2 cups of granulated sugar.

Mix in 1/4 cup of amaretto liqueur and 1 teaspoon of almond extract. Then, add 3 large eggs one at a time, mixing well.

Gradually add the flour mixture to the wet ingredients, mixing on low speed until just combined.

Pour the batter into the prepared bundt pan and bake for 25 minutes, then reduce the temperature to 300°F (149°C) and continue baking for another 40-45 minutes.

Allow the cake to cool in the pan for 20 minutes before inverting onto a wire rack.

For the frosting, beat together 8 ounces of room-temperature cream cheese and 1/2 cup of softened unsalted butter, gradually adding 4 cups of sifted confectioners' sugar and a pinch of salt until fluffy.

Mix in 2 tablespoons of amaretto and 1 tablespoon of heavy cream into the frosting.

Once the cake is cooled, spread the frosting generously on top and sprinkle with slivered almonds.