This is from the Italian Cream Cake Recipe but I do LOVE Cream Cheese Frosting and like it on things like carrot cake too!
CREAM CHEESE FROSTING
1 (8-ounce) package cream cheese, softened
1/2 cup butter or margarine, softened
1 (16-ounce) package powdered sugar
2 teaspoons vanilla extract (possibly use almond extract?)
1 cup chopped pecans, toasted
Beat cream cheese and butter at medium speed with an electric mixer until smooth. Gradually add powdered sugar, beating until light and fluffy. Stir in vanilla and pecans. Frost cake when completely cooled