Preheat the oven to 350°F (175°C). Grease and flour two 9-inch round cake pans.

In a medium bowl, whisk together the flour, baking powder, baking soda, and salt. Set aside.

In a large mixing bowl, cream the softened butter and granulated sugar together until light and fluffy, about 3-4 minutes.

Add the eggs one at a time, mixing well after each addition. Stir in the vanilla and almond extracts.

Gradually add the dry ingredients to the butter mixture, alternating with the buttermilk. Begin and end with the flour mixture. Mix until just combined.

Fold in the chopped maraschino cherries and walnuts, if using.

Divide the batter evenly between the prepared cake pans and smooth the tops.

Bake for 25-30 minutes, or until a toothpick inserted into the center comes out clean.

Allow the cakes to cool in the pans for 10 minutes before transferring to wire racks to cool completely.

In a small bowl, mix the powdered sugar and milk until smooth to create a glaze. Drizzle over the cooled cakes before serving.