Josh,
We tried this out, and got it to look great with the following formula:
A: No formatting:
Xrlabel1.Text = Microsoft.VisualBasic.DateAndTime.Now)
B: Just the Month, Day, Year:
Xrlabel1.Text = Microsoft.VisualBasic.DateAndTime.Now.ToString("MMM-dd-yyyy ")
C: Month, Day, Year, Hours, Minutes and Seconds
Xrlabel1.Text = Microsoft.VisualBasic.DateAndTime.Now.ToString("MMM-dd-yyyy HH:mm:ss")