Each year your corporation's state of formation or domestication will set obligations. These obligations are placed on corporate entities to maintain good standing with the state. The requirements vary by state, but can include paying a franchise tax to the Secretary of State or filing an annual report which lists officers and directors.
What's an annual report? It is a document filed with the Secretary of State. The exact information required on the report and how often it is filed varies by state, but in general you should be prepared to answer questions such as the principal place of business, the company phone number and the names and addresses of officers and directors (or members and manages of an LLC).
In order to maintain good standing, businesses must also maintain their registered agent office. If they are using a commercial agent this generally means renewing that service annually. Often the commercial registered agent can help companies meet their annual requirements through various compliance programs.
Remember that these annual requirements are distinct and separate from any state or federal income tax that the company may owe. You should consult your accountant for income tax requirements specific to your business venture.