Does IEEE accept a previously rejected paper for peer review?
If it has sufficient changes and answers the concerns of the editor you will probably get a new hearing. 

However, if you think of it as the same manuscript then perhaps you haven't made sufficient changes that it will be considers as new, rather than a resubmission. 

However, if you have done the necessary work, I think your note accompanying the manuscript (NEW manuscript) should be sufficient. It is a courtesy to them so that they can be reminded of the history. 

And of course, make sure it doesn't read like a "report". You may be able to get some local advice on that.