PREPARATION:
- Place flour, baking powder and salt in medium bowl; stir to combine.
- Beat butter and sugar in large bowl with electric mixer at medium speed until light and fluffy. Beat in eggs, 1 at a time. Beat in liqueur and water. Gradually add flour mixture. Beat at low speed just until blended. Stir in chips and almonds.
- Divide dough into fourths. Spread each quarter evenly down center of waxed paper. Using waxed paper to hold dough, roll it back and forth to form a 15-inch log. Wrap in plastic wrap. Refrigerate until firm, about 2 hours.
- Preheat oven to 375°F. Lightly grease cookie sheet. Unwrap and place each log on prepared cookie sheet. With floured hands, shape each log 2 inches wide and 1/2 inch thick.
- Bake 15 minutes. Remove cookie sheet from oven. Cut each log with serrated knife into 1-inch-thick diagonal slices. Place slices, cut side up, on cookie sheet; bake 5 minutes. Turn cookies over; bake 5 minutes or until cut surfaces are golden brown and cookies are dry. Remove cookies with spatula to wire racks; cool completely.
- Dip one end of each biscotti into melted milk chocolate, if desired; let stand on waxed paper until completely set. Store tightly covered at room temperature or freeze up to 3 months. (If chocolate-dipped cookies are frozen, chocolate may discolor.)
