For cupcakes, preheat oven to 325F. Line cupcake tin with paper liners and set aside.
In a bowl of a stand mixer fitted with a paddle attachment combine all dry ingredients. Beat on speed 2 until combined.
Add butter, eggs, cream and extracts. Blend until smooth, scraping down the bowl as needed.
Fill cupcake wells evenly and bake for 18 minutes, or until cupcakes are golden on top and a toothpick inserted in the center of one emerges clean.
Transfer cupcakes to cooling rack to cool completely.
Meanwhile, for frosting whip butter and sugar until light and fluffy on medium speed. Add remaining ingredients and whip until light and airy.
Frost cupcakes, garnish with star anise and serve.