Preheat oven to 350°. Grease and flour 2 9-inch round pans and set aside. In a large bowl, sift together the flour, sugar, baking soda, baking powder, CINNAMON and salt. Add the oil and stir until blended. Add the eggs, carrots and walnuts (if using) and mix well. Divide the batter between the pans and bake at 350° for 45 minutes or until a toothpick inserted in the center comes out clean. If you are using a 9x13 pan, bake for about 60 minutes. Let cool completely before frosting.
For the frosting: In a mixing bowl, cream together the cream cheese and butter until fluffy. Add the VANILLA and sugar gradually and beat until thoroughly blended. Fold in the pecans, if using. Spread over the cooled cake.
Prep. time: 20 minutes
Baking time: 45-60 minutes depending on the pan
(No Walnuts) Servings 16; Serving Size 1 slice (147g); Calories 550; Calories from fat 270; Total fat 30g; Cholesterol 75mg; Sodium 400mg; Carbohydrate 69g; Dietary Fiber 1g; Sugars 55g; Protein 5g.