My band is releasing our cd in the near future and I want to be able to distribute the cds in a way that when people play them or put them into their computers, WMP or whatever audio device can read the track title and artist name, and pending which software they are using, will display the album art. Is there a program I can use to embed this information into each track?

You can write the audio cd with cd-text and (presumably) add a folder.jpg file as a data track to the audio cd...But where do mp3's come into play here?

I am unaware of what you mean by "cd-text'. I have read briefly on the folder.jpg method but unsure how to actually do that all.

MP3s come into play because I need to make one full and final master of our album before we send it out to get pressed, then the pressing company will duplicate our album. So I have to brun the initial MP3s and I would like this information embedded with them to make the final product nicer and more convenient.

Is there a way I can embed this information via the ID3 tags?

The data embedded inside the MP3s will get lost as soon as a CD audio track is burnt outta them, since the Redbook CD standard can't hold any metadata. The above-mentioned CD-Text is the only exception to this. I'd suggest using Burrrn in order to quickly and easily create audio CDs containing the CD-Text informations. Embedding folder.jpg files into the tracks isn't possible at all. Please inform yourself about the differences between data tracks which can contain e.g. MP3/JPG files and CD audio tracks.

Besides, it's generally a very bad idea to burn a CD out of a lossy source format, just like MP3. You should use a mathematically lossless format instead, just like FLAC, WavPack, TAK, WMA Lossless or Apple Lossless. Unlike MP3/Vorbis/AAC/Musepack these formats don't lose any quality compared to the source they were generated from, making them much better material for further processing by the pressing company. In the best possible case encoding to lossy formats is always the last step in digital audio processing, and it should be done by the end-user instead of the content producers. Any music enthusiast would kill you for using MP3s during the recording/mastering process.

Audio CDs aren't MP3s. CD-Text is a standard that allows you to add textual data such as "performer" and "title" to that CD and its tracks. If you want to add MP3s to that CD, you're gonna have to put them on a data track. You can use any tagging software to tag those MP3s.

What format does the pressing company ask for anyway? PMCD, something else, or just a regular CD-R? I hope you're not burning an audio CD from MP3s...