Phd Professor as co-author I am an undergraduate student and while I was taking a class I happened to come up with some new concepts contrary to what my professor had told me regarding their possibility. 

I have published in other journals but never in IEEE transactions, this could very well give a solid backing to any SOP I would write for my Phd studies. My professor is a Phd and he has various connections and stuff. He was impressed with the work and told me to publish it. However, I have heard that publishing in IEEE transactions is extremely hard: would including my professor as a co-author, with his doctoral degree, help in the review process? Not influence it or something, but would they at-least take me seriously? Normally, I don't fret about being published and stuff but to get a good school for Phd it's essential that I have this done. What are your thoughts?
Adding your professor as a co-author in name only won't help from the perspective of being taken more seriously in the review process.

Including your professor as a genuine co-author will almost certainly help in that your professor has a lot more experience in writing papers, knows how to write in a scientific way, how much background to include, what previous work by others is relevant, which results to highlight, how to format the paper so that it meets the requirements of the journal and is enjoyable for experts to read, and how to engage constructively with the review process. And don't under-estimate them: they might even have some scientific insights to add to your own.