In a large dutch oven or heavy bottomed pot, add about 2 inches of oil. Heat the oil to about 375°F.
While oil heats, flour a large flat work surface and dump out your dough from the bowl. Roll the dough out, flouring it on top to prevent it sticking to your rolling pin. Roll out to about ¼ inch thickness. Using a 3 inch ring cutter, or biscuit cutter, cut out your donuts. Place on a floured piece of parchment paper or silicone mat until ready to fry. Use a 1 inch ring cutter, or the wide end of a piping tip, to cut out donut holes. Reroll the dough and cut out more donuts, flouring the dough as needed.
When the oil temperature reaches 375°F, use a metal spider, or fish spatula, to transfer individual donuts to the hot oil, 2 to 3 at a time, depending on the size of your pot. Fry the doughnuts for about 90 seconds per side, or until golden brown. Flip carefully using your spider strainer, fish spatula, or even 2 chopsticks.
Carefully transfer the donuts to your rack with the spatula. Repeat frying the remaining donuts. Finally, fry donut holes about 1 minute total, rolling to get all sides brown, and let cool on rack.