Preheat oven to 350° Fahrenheit, and line 2 baking sheets with silicone mats or parchment paper.
In a medium sized bowl, whisk together flour, baking powder, and salt. Set aside.
Cream the butter and cream cheese together in a large sized bowl using an electric mixer until well combined. Scrape down the bowl, and repeat.
Add in granulated sugar, and continue creaming ingredients together until light and fluffy.
Mix in the egg and the yolk, and beat until incorporated. Add in extracts and mix them in as well, once again scraping the bowl to ensure even mixing.
With the mixer on a low speed, slowly add in the flour mixture, and allow dough to come together until just a few dry ingredient streaks are remaining.
Add in the shredded coconut and mix on a low speed just until combined. Scrape down the bowl and mix a few more seconds.
Using a 1/3 cup size cookie scoop, place no more than 8 cookies per tray. Press down the tops of the dough balls and flatten the sides to create a tall hockey puck shape. This will help the cookies bake more flat.
Bake each tray for 12-15 minutes rotating halfway through. Bake until the bottom edges of the cookie are just beginning to turn golden brown, and the center is no longer shiny and doughy.
Allow the cookies to cool completely before frosting/assembling. (Keep oven on for toasted coconut!)