Sift together flour, baking powder, salt and nutmeg; set aside.
Cream New Natrel butter until smooth, slowly add sugar until all is combined, then beat on medium speed until light and creamy.
Add in eggs, one at a time, beating well after each addition. Add in vanilla.
Alternating the flour mixture and Island Farms egg nog, starting and ending with the flour, add in both. Mix until smooth.
Spoon batter into greased and floured 350°F oven for 50-55 minutes until toothpick inserted in centre comes out clean. Let cake rest in pan for 20 minutes before turning out onto rack to cool completely.
For the glaze, whisk together Island Farms egg nog and powdered sugar until desired consistency and spoon over cooled cake. Let glaze set up a few hours before serving or storing.
Source: Chocolate, Chocolate and More; thanks to our friends at Farmers Dairy