Pour 1/2 cup room temperature water into a small bowl. Sprinkle the yeast over the water and let stand for about 5 minutes to dissolve.
In the mixing bowl of a stand mixer, combine the shortening, sugar, and salt in a large bowl. Pour the boiling water over the shortening mixture and then stir in the evaporated milk. Wait for the mixture to cool down until it is lukewarm. Then, add the yeast and water mixture and beaten eggs, vanilla and almond extract.
Slowly mix in the flour until the dough forms a ball. Cover the dough with plastic wrap and refrigerate for 30 minutes to 1 hour. (Overnight is better)
Divide dough into 4 pieces, wrap 3 pieces in plastic. Working with one piece of dough dough 1/8-inch thick. Cut into pillows or rectangles approximately 2" x 3",
Heat your oil for frying in a deep and wide, heavy-bottomed sauce pan, over-high heat to 375 degree F.
Carefully drop dough into the oil to avoid splattering, and deep fry until they puff up and are golden brown, if they don't flip over on their own after 1 minute, use a slotted spoon or tongs to nudge them over. Use a slotted spoon to remove onto a rack or plate lined with paper towels. When cool enough to handle, dust with powdered sugar. Makes approximately 3 dozen.