I get that if I dont fill my mixer till it covers the beaters_with butter cream that is.
I also get it if I mix it too much.
I have taken a portion, say 1/2 of the icing and put it in a bowl and turned it side ways and smoothed it with a spatula-cake spatula that is- against the side of bowl.
It seems to help smooth out my air bubbles some and for reason I cant do it with the same results if I use more than 1/2 of the icing in the bowl to smooth at a time.

Hope I helped some!