Beat cream cheese, butter, granulated sugar, vanilla and almond extract in large bowl with electric mixer on medium speed until well blended. Add flour and baking soda; mix well. Stir in almonds; cover. Refrigerate 30 min.
Preheat oven to 350°F. Shape 1-inch balls of dough into crescent shapes; place, 2 inches apart, on baking sheets. Flatten slightly.
Bake 10 to 12 min. or until lightly browned. Cool slightly on wire racks.