Step 1

Preheat oven to 350F and grease a 10 or 12-cup Bundt pan with cooking spray (I use Pam for Baking).

Step 2

In a medium bowl, whisk flour, baking powder, baking soda, salt, nutmeg, and cinnamon until well combined. Set aside.

Step 3

Using a stand mixer fitted with the paddle attachment, beat butter until smooth.

Step 4

Add sugars and beat on med-high until pale and fluffy (2-3mins).

Step 5

Reduce speed and add eggs one at a time, fully incorporating after each addition. Add rum and vanilla.

Step 6

Alternate adding flour mixture and eggnog, beginning and ending with flour (3 additions of flour and 2 of eggnog). Fully incorporating after each addition. Do not overmix.

Step 7

Spread batter evenly into prepared pan. Smooth the top with a spatula and whack the pan against the counter to evenly distribute.

Step 8

Bake for 45 mins or until a toothpick inserted into the center comes out mostly clean.

Step 9

Place cake on wire rack to cool for 10mins. Whack the pan on the counter to loosen the cake and turn out onto wire rack to cool completely.

Step 10

Beat cream cheese and butter until pale and fluffy. Add powdered sugar 1/2 cup at a time. Add rum and eggnog. Beat until fully combined.

Step 11

Pour over cooled cake and sprinkle with nutmeg if desired.