As someone who has recently found three boxes of records in the basement, I have been using Audacity for this same purpose. I have not run into any problems with audio tags, however.

Out of curiosity, what version of Audacity are you using and in what program do you get those incorrect audio tags? Is it a specific media player or are those the tags in Windows? Also, what format are you saving them into?

I'm using Audacity 1.3 beta and I listen to my recorded LPs with Windows Media Player; Audacity's tags show up correctly in the mp3 file's properties and in WMP.