8 oz cream cheese softened (brick-style, not spreadable)
1/2 cup (1 stick) unsalted butter softened
1 teaspoon clear vanilla extract 
4 cups sifted confectioners' sugar (approximately 1 lb.)

Combine butter and cream cheese in the bowl of a stand mixer 
(or you may use an electric mixer) and beat until creamy,
well-combined, and lump-free.
Add vanilla extract and stir well to combine.
With mixer on low, gradually add powdered sugar until completely
combined.