Preheat oven to 350ºF. Line muffin pan with baking cups.
In medium bowl, combine flour, baking powder, cinnamon and salt; set aside.
In large bowl, beat butter and sugar with electric mixer until light and fluffy. Add eggs, one at a time, mixing well after each; add vanilla and almond extracts. Alternately add dry ingredients with milk, scraping bottom and sides of bowl often. Fill baking cups 2/3 full with batter.
Bake 18-20 minutes or until toothpick inserted in center of cupcake comes out clean. Cool cupcakes in pan on cooling grid 5 minutes. Remove from pan; cool completely.
For icing, whip meringue powder and 1/4 cup water in large bowl on high speed with an electric mixer until stiff peaks form, about 4 minutes. In microwave safe measuring cup, combine sugar, corn syrup and remaining 1/4 cup water. Microwave on high 3-5 minutes or until mixture begins to boil. Slowly add syrup to meringue mixture while mixer is running. Add vanilla. Continue whipping on high speed 3-4 minutes or until thick and glossy. Spread icing onto cupcakes; sprinkle with Sparkling Sugar and cinnamon sugar.