Correct. Each user record contains reference to what time zone that the user is part of. This is used to offset the UTC time on the record that CRM displays. You will need to take this into account.
Also, certain activities like tasks where you do not have both data and time on the form so that the user can set the time, the default time of midnight UTC will be stored in the database. So retrieving the date and time from records with only the
date field on the form will likely show with the wrong date.
Jason Peterson