In the bowl of a stand mixer, combine the warmed evaporated milk with the yeast and sugar. Stir gently to mix then let the yeast activate for about 5-10 minutes or until the top of the liquid is foamy.
Connect the paddle attachment to the mixer. Add about half of the flour to the bowl. Turn on mixer to low speed and stir for 1-2 minutes.
With the mixer still on low speed, add in the eggs, butter, salt, vanilla and nutmeg. Mix until a smooth batter comes together.
Turn off the mixer and remove the paddle attachment. Connect the dough hook to the mixer. Add the remaining flour to the bowl and use the dough hook to stir until the flour is well combined and a thick dough has formed.
Continue to stir on low speed for 5-10 minutes or until the dough begins pulling away from the sides of the bowl. Stop and scrape the sides and bottom of the mixing bowl every few minutes to make sure everything is mixing evenly.
Grease a separate, large bowl with a light coating of oil spray or oil wiped on with a paper towel. Transfer the dough to the prepped bowl and cover tightly with plastic wrap. Place a towel on top and allow to rise for two hours or overnight. The dough should double in size.
Once doubled in size, begin preheating 3-4 inches of oil in a large pot to 360°F - be sure to use a large enough pot so the pot is less than half way filled with oil as the oil will bubble up as it heats and fries. DO NOT OVERFILL THE POT WITH OIL.
Punch down the dough. Dust a large baking sheet with flour and tip out the dough onto the baking sheet. Dust the top of the dough with another tablespoon or two of flour then use a rolling pin to roll out the dough into an even thickness - about 1/3 to 1/2 inch thick.
Prep a second baking sheet or large plate with two layers or paper towels. Use a pizza wheel to cut the rolled out dough into 2 inch by 2.5 inch rectangles (standard, traditional size). Some of the edges may be short - use these pieces to test the oil to make sure it is hot enough.
Working in batches of 3-4 beignets at a time, fry the dough for 2-4 minutes per side, flipping half way on each side to ensure an even, golden color. Transfer the cooked beignets to the prepped baking sheet lined with paper towels.
While the beignets are still piping hot, drizzle about 1-2 teaspoons of honey on top of each beignet. Fill a sifter with powdered sugar and sift a generous amount of powdered sugar onto the beignets - enough to make them look buried in the snow. The more powdered sugar, the better!
Serve the beignets immediately! The beignets are best VERY FRESH and will only hold their freshness for about 12 hours so be sure to enjoy right away. Laissez les bon temps rouler!