Heat heavy cream until it is hot and bubbles are forming on the surface, pour over small pieces of chocolate, cover and let stand for 2 minutes. Whisk until smooth. Refrigerate overnight. When covering a bowl, first, place a piece of clean dry paper towel over and then place a plate or a lid on top. This helps to keep any water from condensation dripping into the ganache.
Let set ganache come to room temperature. Beat cream cheese and powdered sugar, until smooth.
Gradually add room temperature ganache, add vanilla extract, beat until combined and smooth.
Taste, if needed add more powdered sugar. I personally don't like frosting that is overly sweet, so you may have to add more sugar based on your taste.
If you find that icing is too stiff, add 1tbs heavy cream and beat until smooth and well combined.
This is one luscious frosting. You can frost the cake or cupcakes using this frosting.