SummaryIn this article, the performance of a wireless communication system with an intelligent reflecting surface (IRS) panel installed between the transmitter and receiver is studied. The channel is considered to be the Hoyt faded and additive white Gaussian noise. Closed‐form expressions for average bit error probability (ABEP) for both coherent Gray‐coded rectangular quadrature amplitude modulation and non‐coherent modulation schemes are presented. We apply the moment‐generating function‐based method for the derivation. In addition, asymptotic ABEP expressions are also obtained. Using asymptotic ABEP expressions, we obtained diversity order which is a function of the number of IRS elements. The effect of the number of IRS elements and fading parameters on the ABEP is studied. The ABEP performance improves with an increase in the number of reflecting elements but degrades with an increase in the fading severity. The accuracy of each analytical ABEP expression is verified by the simulation of the system considered herewith.