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Have just fired up my AudioConverter Studio after trying out the trial version it is the best software I have come across after trying many conversion tools off the net.
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AudioConverter Studio - Audio Formats Converter and CD Ripper

MP3 Tags, Convert WAV to MP3

MP3-tags are saved in musical files in MP3 format. At the present there are two versions of tags: id3v1 and id3v2.

In mp3-tags version 1 (id3v1) the following fields are included:

Number of track.
Name of musical composition.
It's author.
Album.
Year of composition.
Genre.
Comment.

The tags of this version include only a small portion of information about musical compositions. Also they have another serious weakness – the length of text fields cannot exceed 30 characters. To overcome this problems, a second version of MP3-tags was developed and started to use. This version of tags practically has no limitation upon length of field and data saved. Moreover, now mp3 file can store song's lyrics, photographs, and other information. Still there are just a few programs which completely understand and use all available potential of id3v2. AudioConverter Studio is fully compatible with our other development – program mp3Tag and, besides the first version tags, understands the following:

Composer.
Original artist.
Copyright.
Web-address.
Name of encoding person.
Lyrics.
Pictures.

MP3-tags might be used while ripping Audio CD into MP3 files, as well conversion of MP3 files of one bitrate into the other.