I'm righting this post as a defeacto how-to for solivng the issue of Time Zone support for anyone who is having this problem with syncing time sensitive data between all of their devices:
I was having this issue with time zone support until I read through this chained discussion. The way to solve this is to manually fix your Time Zone settings for each iOS, iCloud.com, OS X you attach your iCloud account to. Read below to learn how to do so for all three.
From iCloud.com, beginning at the home screen:
Home>> Click on User ID at the top right next to sign out>> Time Zone>> select your Time Zone and city.
After a few seconds, your events and reminders should automatically adjust.
For iOS (I'm using my iPhone here):
Settings>> Date and time>> You have one of two options here. Either Set Automatically or select the time zone you are in. Initially mine was set to automatically. Somehow, turning it off for a moment before turning it back on seemed to do the trick here, revealing that it was the probable root of my problem.
From Mountain Lion:
System Preferences>> Date and Time>> Click unlock and enter your password to make changes, if necessary>> select TIme Zone>> again, you can either let Mountain Lion select the time zone automatically, or you can select it manually based on the closest major city in your zone. Simply turning off the Automatic option momentairly before turning it on again will probably do the trick here as well.
The point of turning these preferences off and on is allow all your devices to "reset" there time settings so that they can communicate on the same page. Following these steps should help in preventing a [tedious] trip to the Apple store.
Hope this helps!