Summary: Your PC's clock is probably good, but not great. Left uncorrected it can drift and lose accuracy. There's an internet service for that.
Why is Internet time four or five minutes ahead of Network TV time? I set my VCR according to my computer and recordings are late to start and last too long. Had to put it back the way it was.
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My experience is actually the opposite of yours - a couple of networks seem to "run late" and I end up missing the crucial last minute or two of shows from time to time.
So I can't speak for the TV networks, other than to suspect that some simply don't do time very well, perhaps intentionally or otherwise.
But we can look at your computer and this concept of "internet time".
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Let's be clear, there is no such thing as "internet time". There is time - official and calibrated time - in the form of a clock made available over the internet, but there's no special time or time source specifically for the internet.
The official time for the United States is maintained by the U.S. Naval Observatory. At http://tycho.usno.navy.mil/ you'll find all sorts of information about how the USNO maintains the current time to an accuracy of something like 10 nanoseconds or 10 billionth's of a second.
The USNO makes the current time available via several mechanisms (on their web site, for example), but the one we'll care about for our purposes today is made available on the internet via a protocol called "NTP" or Network Time Protocol. Via a network of servers to distribute the load, any computer on the internet can ask "what time is it?" and get a highly accurate response.
And Windows is ready to ask that question every so often to make sure your clock is accurate, and stays accurate.
In Windows XP and Vista right click on the clock in your task bar and click on Adjust Date/Time.

Ignore the time for now. Instead, click on the Time Zone tab (or in Windows Vista, click on the Change time zone... button to get a somewhat similar dialog):

Make sure that your time zone is set correctly, selecting from the dropdown list. Also make sure that Automatically adjust clock for daylight saving changes is checked.
Now click on the Internet Time tab:

Make sure that Automatically synchronize with an Internet time server is checked. The default time server is typically time.windows.com which should be sufficient. The dropdown list will also include alternatives, typically time.nist.gov in the United States, which is also a fine alternative. (In Windows Vista you'll have to click a Change settings button to make changes.) You can also select another time server by typing its name in as well.
As you can see, the dialog lets you know when the last time update was performed, and when the next one will be. Alternately, you can always click on the Update Now button to force an immediate update.
Once you've done so, your clock should be as accurate as it can be. If the TV networks are off, well that's their problem not yours I'm afraid, and out of your control.
Related:
Why is the time on my email wrong? Email is timestamped by the program that creates it. Normally Window's time, date and time zone are used. Web services, however, need a little more.
Why does my clock reset on every power-on? When your computer is turned off or unplugged, a small battery keeps the computer's clock running. If that battery runs out, your clock will reset.
Article C3493 - September 6, 2008
When I click on the Task Bar clock, then select Adjust Date/Time, the pop up window does not have the Internet Time tab. It seems that I have the Plain Jane version. How do I get the Elegant Ellie version with the Internet Time tab?
-Leo
Why not just install Dimension 4 it will solve ALL
Posted by: Mel at September 9, 2008 11:36 AMyour time problems and it is free
Gary, the Internet Time tab will not appear if you are part of a domain - instead the Domain Controller is your time source.
Mark, see this link: http://tinyurl.com/3yp5qt
Posted by: Ziggie at September 10, 2008 8:33 AMthat may help you.
There is a program ,nistime-32bit, that queries the National Institute of Standards and Time (NIST) server and updates your computer clock. A google search for "nistime-32bit" should find the program.
Posted by: Kenneth Crook at September 13, 2008 4:53 PMI did not know Windows updated the clock as Leo writes above. I checked and have this option active, but still once a month or so when I run nistime-32bit, my computer clock is always off by half a second or so.
I use "AtomTime Pro" myself (http://www.atomtime.com). Works like a charm.
I'm surprised to hear that the USNO keeps U.S. time -- I thought that was the province of NIST? Oh, well...
The main thing I wanted to say, is that once I'd installed AtomTime, and set my watch by it, I found that I could actually COUNT DOWN to the start of "Jeopardy!", and my Mom always gets a kick out of it -- the commercials would be going, the station announced, etc., and it would seem that it wasn't going to make it, but ALWAYS, just after I would say "zero" -- "This Is Jeopardy!" would boom out from our T.V.'s speaker! :)
But, yes, I too have noticed that not ALL networks synchronize their programs to the exact time. Some run "early" or "late". "Jeopardy!" simply happens to be, apparently, on a network (offhand I forget which one) which just happens to use "the precise time". :)
Posted by: Glenn P. at September 13, 2008 10:16 PMThank You Ziggie! I found your answer to my problem further down the page, today 9-16-08. The time protocol port was setup in McAfee, however the inbound and outbound UDP ports had no numbers in them (123). Adding the 123 to each, allowed the time to be updated with no error message! Thanks Again! Mark
Mark, see this link: http://tinyurl.com/3yp5qt
that may help you.
Posted by: Ziggie at September 10, 2008 08:33 AM
Posted by: Mark Forshee at September 16, 2008 9:27 AMI have GP policy for the time on the servers. Have a few computers not registering the right time. I reset it as local admin and it just goes back to the prior hour in a few minutes. What is up w/ that?
Posted by: D B at March 12, 2009 8:05 AMThe last posting is asking about the same problem I am having on my office network. I cannot find an answer on the web anywhere. Can someone help us both please.
Posted by: VSS at March 14, 2009 4:27 PMI'm on an office network and tried resetting as admin and a few other fixes. I finally resorted to changing my time zone from Central to Eastern and voila! I once again have the correct time. Cheers.
Posted by: Matt at March 21, 2009 11:37 AMHey there - Check your Cmos battery. http://www.hardwaresecrets.com/article/81
Posted by: Phil_Dawg09 at October 13, 2009 6:18 PMyou can easily find a replacement for your mainboard as they are all pretty much the same.