Preheat oven: Preheat your oven to 350°F (180°C). Grease and flour a 9-inch round cake pan.

Prepare the batter: In a large bowl, beat together the eggs and sugar until light and fluffy. Stir in the vegetable oil.

Combine dry ingredients: In a separate bowl, whisk together the flour, baking powder, salt, and spices.

Combine wet and dry ingredients: Gradually add the dry ingredients to the wet ingredients, alternating with the grated carrots. Fold in the chopped walnuts.

Bake: Pour the batter into the prepared cake pan and bake for 45-50 minutes, or until a toothpick inserted into the center comes out clean.

Make the frosting: Beat together the cream cheese and powdered sugar until smooth and creamy.

Assemble: Let the cake cool completely before frosting. Spread the cream cheese frosting evenly over the cooled cake. Decorate with additional walnuts, if desired.