Preheat oven to 300 degrees F.
In a medium bowl, combine flour, baking powder, cinnamon, and nutmeg. Set aside.
In a large bowl, with a hand mixer cream sugar and butter until light and fluffy.
Add eggnog, vanilla, and egg yolks. Beat at medium speed until smooth.
Add the flour mixture and mix at low speed just until the ingredients are combined. This can also be done by hand with a large mixing spoon. Do NOT over mix.
Spoon onto ungreased cookie sheets or parchment paper lined cookie sheets. Make the dough balls small; I used a small cookie scoop to form each ball. The dough spreads when quite a bit when cooked, so only put 12 cookies per cookie sheet.
Sprinkle a little nutmeg on each dough ball. Bake 15-18 minutes or until the edges barely start to brown. Do not over-cook.